Deals & People October 19, 2007

Corporate Benefit Advisors Selects Synapses for Plan Analytics and Participant Education

Synapses Inc., a provider of personalized 401(k) education, products and services, has been selected by Corporate Benefit Advisors, Inc. (CBA) to evaluate CBA’s 401(k) customers at the participant and sponsor level.
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CBA, a provider of employee benefit and corporate retirement plans, will employ Synapses’ Sponsor Profile service and Retirement Income Report tools for full analyses of its 401(k) plan clients, according to a press release. The Sponsor Profile service will provide CBA with statistics illustrating the retirement income status not only of each participant, but also of each plan as a whole, and CBA will be able to provide suggested steps to meet retirement income goals for each participant.

Synapses’ Sponsor Profile offers organizations top-down views of:

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  • Percentage of eligible employees on target for income replacement at retirement;
  • Percentage of eligible employees fully utilizing plan design features such as company match, auto-escalation, target date maturity funds, and managed account products;
  • Participant action items needed to meet income replacement goals;
  • Segmentation of participant audiences according to their actual investment mix compared to what their mix would be in an automatic rebalancing plan; and
  • Quantifying the retirement income impact of moving a participant into an automatic rebalancing plan.

Additionally, the release said CBA will use other targeted communication campaigns to further educate its customers’ employees by creating a real-time snapshot of contribution progress and assisting employees to meet savings goals.

More information about Synapses is at www.synapses.com, and more information about CBA can be found at www.benefitsadvice.com.

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