OMYEN Releases Retirement Software

OMYEN Corporation developed the program to help advisers meet growing margin pressures brought on by fee disclosure requirements from the Department of Labor (DOL). Developers hope the software will help advisers maintain efficiency and decrease fact-to-face time with clients during the creation of retirement plans.  

Software features allow the uploading of salary, contribution, investing and demographic data to produce customized retirement plans in a batch environment. This format allows for the automated creation of an unlimited number of personalized financial plans, according to a statement from OMYEN.

The software is built on OMYEN’s comprehensive financial planning platform and can interface with recordkeeping systems to pull participant data. Advisers, sponsors and participants can also manually enter data.   

Reports generated by The Enterprise Retirement Planner show participants how particular retirement portfolios are likely to grow over time, what kind of annuitized income a portfolio can provide in retirement, and suggested asset allocations based on risk outlooks and time horizons.

Asset-allocation features within the program can be configured according to multiple options. The default distributes assets across 11 broadly accepted asset classes.

The Enterprise Retirement Planner also produces plan sponsor scorecards showing participant-level retirement readiness. It also shows the extent to which current employee income can be replaced by retirement income. 

The Enterprise Retirement Planner uses open architecture to promote integration with recordkeeping systems.

For more on OMYEN and The Enterprise Retirement Planner, visit https://www.omyen.com/products.