Wachovia Retirement Services is launching AdviceTrack, a new defined contribution program that will allow plan sponsors to boost contributions while enabling employees to delegate asset allocation and investment decisions to experts.

Employees commit to incremental annual increases in their savings rate, generally timed to coincide with merit reviews. Behavioral research indicates employees aren’t saving enough for retirement, but they are more likely to increase 401(k) deferral amounts if they coincide with a salary increase, Wachovia said.

The professional investment advice is provided by Wachovia based on specific fund allocations made by Morningstar. Under the plan, participant account allocations are monitored by Morningstar and adjusted periodically to respond to market performance and changes to personal information.

The plan differs from other currently available products and services because it combines two features: expert portfolio management and savings rate management, the company said.

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