Putnam Investments is launching a new online tool for the 401(k) industry called "How do I compare," which will allow plan participants to compare their progress in saving for retirement with their peer group and top-tier savers.
The tool will be integrated with Putnam's Lifetime Income Analysis Tool, which projects participants' current savings into future monthly retirement income and offers actionable steps to increase savings. The Putnam tool draws on social comparison behavioral theory which holds that individuals are motivated by comparisons with peers who are top performers.
It will use data from across all of Putnam's 401(k) plans to allow employees to measure their savings rate and potential income replacement in retirement with peers, based on age, salary and gender. They can also see how they compare to the top savers in each peer group.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
