The Standard Launches Retirement Readiness Consulting Tool for Plan Advisors

Advisors can now use a new retirement plan consulting tool available from Standard Retirement Services, Inc. (“The Standard”) to increase the value they deliver to client relationships. RetireReady Tracker, available with The Standard’s retirement plans, allows advisors to determine how well a retirement plan is helping a client’s workforce prepare for retirement.

“Helping employees achieve retirement readiness can have a significantly positive effect on both employee morale and an organization’s bottom line,” said Dan Hall, vice president of retirement plan sales at The Standard. “RetireReady Tracker can help generate a strategic discussion around plan design, including appropriate solutions to help improve employee retirement readiness. Once implemented, the report can help track the progress of these solutions over time.”

RetireReady Tracker reports enable advisors to consult with employers about how well their workforce is — or isn’t — saving for retirement, based on the industry-accepted goal of replacing 75 percent or more of pre-retirement income. A key component of the report is the plan’s overall RetireReady Score, which estimates the average level of pre-retirement income that eligible employees are currently on track to replace in retirement. Data is also broken out by age and salary ranges.

RetireReady reports can help facilitate implementation of plan design solutions such as automatic enrollment, automatic escalation or Mainspring Managed, The Standard’s goal-based savings and investment plan. Data in the report can also help identify opportunities for streamlined enrollment processes or targeted educational efforts. The visual, easy-to-read reports are prepared internally by The Standard and can be generated annually or by request.

“RetireReady Tracker provides advisors with a tangible way to grow the consultative arm of their practice,” Hall said. “It’s the perfect vehicle to introduce retirement readiness solutions to clients that will help relieve their administrative burdens, reduce their fiduciary risk and save them money in the long run.”

About The Standard

The Standard is a leading provider of financial products and services, including group and individual disability insurance, group life and accidental death and dismemberment insurance, group dental and vision insurance, absence management services, retirement plans products and services, individual annuities and investment advice. For more information about The Standard, visit www.standard.com.

The Standard is the marketing name for StanCorp Financial Group, Inc. and its subsidiaries. StanCorp Equities, Inc., member FINRA, wholesales a group annuity contract issued by Standard Insurance Company and a mutual fund trust platform for retirement plans. Third-party administrative services are provided by Standard Retirement Services, Inc. Investment advisory services are provided by StanCorp Investment Advisers, Inc., a registered investment advisor. StanCorp Equities, Inc., Standard Insurance Company, Standard Retirement Services, Inc. and StanCorp Investment Advisers, Inc. are subsidiaries of StanCorp Financial Group, Inc. and all are Oregon corporations.