Retirement Readiness - Sentinel Benefits...Source: BlackRock 2013 Retirement Readiness Survey...

Retirement Readiness Knowledge is Power

Presented by:

Ben Healy, Client Experience Manager Lisa Francis, Director, User Experience Strategy

[email protected] [email protected]

Save the Date UPCOMING CLINICS May 22, 2014 Fee Disclosure: Get the “411” on 408(b)(2) June 26, 2014 PPA Document Restatement July 17, 2014 Review, Execute & File Your 5500 All webinars are held 2:00-3:00 EST. Register in “Webinars & Events” under “For Companies” at www.sentinelgroup.com

http://www.sentinelgroup.com/


Today’s Agenda

• Readiness & Employee Confidence

• Our New Tools

• Demonstration

• What Sentinel is doing to help

• Next Steps


What is ‘Retirement Readiness’?

• Ability for a individual to accumulate enough savings to fund their desired lifestyle in retirement

• What it takes: – Knowledge and Education – Planning – Action and Awareness


Are People Ready?

45% Not saving because they don’t know how much they will need

Source: BlackRock 2013 Retirement Readiness Survey


Are People Ready?

59% Believe they can’t save enough to make a difference



THE GOOD NEWS…


Knowledge is Power

9/10 Who know how much to save are actively planning for it.

4x More confident about their retirement



Knowledge Drives Action What percent of employees would be encouraged to save more if their retirement account helped them understand:

94% 95% 95%

How much income their current savings would fund in retirement.

How much they needed to save to reach their retirement goal.

How much to save per dollar of income they want in retirement



Introducing MyRetirement Benefits for Participants: • Provide the answer to how much your account will yield • Display how much you can safely withdrawal per month • Demonstrate how saving more can impact your

withdrawals per month Benefits for Plan Sponsors: • Helps maximize participant contributions • Answers important retirement question of “how much” • Improve retirement readiness of employees


Accessing MyRetirement

Automated Widget • Calculates participant’s retirement income • Automated display – no input required • Illustrates impact of additional contributions

Extended Planning Tool • Extends analysis to other resources

– Other assets, Social Security, other income • Shares key assumptions with Widget


MyRetirement Widget


Widget Assumptions


MyRetirement Widget


Extended Planning


Goals for the Tool

Plan Participation

Participant Contributions

Plan Engagement

Employee Readiness


What is Sentinel doing? • MyRetirement tool


What is Sentinel doing? • MyRetirement tool • Participant Statement Gap

Analysis



Analysis • Educational messaging

(Smart Messaging)




(Smart Messaging) • Plan level readiness analysis

in Plan Overview Report




(Smart Messaging) • Plan level readiness analysis

in Plan Overview Report • Plan level participant

readiness gap analysis • Individual financial planning

webinars (May)


Next Steps… No action required by you! • Coming by end of May

We need email addresses • Educational campaigns on retirement savings strategy will be

kicking off in May and are driven by emails. Watch the recording of our Smart Messaging Client Clinic from March.

Provide employee compensation • Extended planning tool will integrate with as much information

as possible from our system • Compensation is a key driver to readiness analysis on participant

statements


Questions? Upcoming Client Clinics 5/22/14 - Fee Disclosure: Get the “411” on 408(b)(2) 6/26/14 - PPA Document Restatement 7/17/14 - Review, Execute & File Your 5500

Interested in learning more about our retirement services? Contact Ben Healy [email protected] 781-914-1264

mailto:[email protected]

Retirement Readiness - Sentinel Benefits...Source: BlackRock 2013 Retirement Readiness Survey...

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