Milliman’s employee benefits practice has introduced a 401(k) comparison tool for sponsors and participants called Power to Know.
It helps plan sponsors know how their 401(k) compares to other companies’ and, subsequently, if they are meeting their fiduciary responsibilities. Via personalized tools, Power to Know helps participants better determine whether they are prepared for retirement and what they can do to better position themselves, if necessary.
In addition, it permits sponsors to see how well each of their employees is preparing for retirement with a visual, easily determined graphic.
“Few providers can deliver to plan sponsors the depth and breadth of information that Milliman provides,” said Janet McCune, a principal with the firm.
Jeffrey Budin, another principal with Milliman, added, “Today’s complex benefit environment requires both plan sponsors and participants to see deeper into their plans than ever before. With Power to Know, knowing everything is what they get.”