As a slightly different spin to the soon-to-be-mandatory fee disclosure information being disseminated to the participant public, MassMutual's Retirement Services Division has taken things in a new direction.
In the second quarter, defined contribution participants will receive a "RetireRight Ready" statement that offers a clearer picture of the realities of them reaching their retirement goals, based on their current contributions.
The information is, in a way, a print version of the data currently offered by MassMutual's online RetireRight Ready tool, part of its larger www.RetireSmart.com page for participants.
MassMutual says the new statements, which will be available to those partipants whose sponsors opted to take part in the program, offer a clear and direct visual indication of the chances they have to retire with enough money.
And what they can do, by changing the amount of their contribution or shifting the allocations of their portfolio (or their types of investments), to make that strategy more plausible.
We firmly believe that when a participant understands the outcome of their actions, it can go a long way towards motivating them to get - and stay - on track," says Tina Wilson, vice president of MassMutual's retirement division.
The company says that participants who opt to take the retirement savings-improvement advice tend to up their chances of being "retirement ready" by at least 40 percent.