Prudential Investments has launched a proprietary app called Plan Power, designed to help financial advisors serve defined contribution clients. The new iPad app helps plan sponsors evaluate their plan wellness and explore how modifying plan design could boost participants’ retirement readiness and overall financial wellness. Prudential Investments is the retail distribution arm of PGIM, the $1 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
Scoring retirement plan effectiveness
Available through the Apple App Store, Plan Power is the first app of its kind to help sponsors gauge the health of their plans without requiring detailed participant data. The tool looks beyond plan expenses and investment performance, taking a holistic approach to plan wellness. By analyzing a full range of plan design factors, Plan Power provides a score. This score measures how well the plan is balancing optimal retirement outcomes for participants with how much sponsors are spending to achieve those outcomes. The app also allows advisors and sponsors to run real-time scenarios with actionable ideas to evaluate the impact of potential plan changes.
Powered by Prudential Retirement’s proprietary actuarial, plan design and data analytics expertise, the app analyzes:
- Plan characteristics, including matching, auto enrollment and escalation, which influence positive employee participation.
- Investment selections, including the plan’s Qualified Default Investment Alternatives and lifetime income options.
- Projected employee account balances at retirement.
- Cost efficiency, in terms of money spent on plan design and results achieved for participants.
Prudential Investments, which managed $81 billion in assets as of Sept. 30, 2016, has ranked among the top five fastest organically growing mutual fund families over the past eight years, according to Simfund’s ranking of top 50 mutual fund companies between 2008 and the third quarter of 2016.
MEDIA CONTACT: Judith Flynn