ADP Releases Tool to Assess Employees' Retirement Plan Success

adp1.jpgThe HR, payroll, and benefits administration services company Automatic Data Processing, simply known as ADP, introduced ADP Plan Health Review. The application is meant to help ADP Retirement Services clients measure the retirement readiness of their employees.

By using the Plan Health Review tool, sponsors may reveal the retirement readiness of their employees, as well as identify employee groups that require assistance with their planning. The solution includes a proprietary scoring system to measure participation rates, participant deferrals, participant investment usage, and participant usage of loans and withdrawals.

This tool may help both plan managers and its contributors to correct some of their investment and utilization actions. An overall picture of the saving habits of employees can also be produced so that employers may encourage their employees to save more effectively.

The aging population appears to be a great concern for governments struggling to ensure decent pensions for their retired citizens. Meanwhile, the performance of private pension plans must be reassuring for its contributors—who may not have other sources of income during their retirement years.
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