Standard Releases DB Modeling Tool
Standard Retirement Services has released an online defined benefit calculator that allows retirement plan participants to compare alternative pension income scenarios based on different assumptions and variables.
Pension Estimator allows participants to model an unlimited number of potential scenarios, including alternative retirement dates, interest rate assumptions, salary increase assumptions, and annuitization options, according to a press release. The pension income projections can be automatically integrated with The Standard’s existing defined contribution retirement planning tools and services.
“Pension Estimator was built to help plan sponsors decrease their time spent administering pension benefit illustrations as well as reduce their administrative costs,” said Dave Dougherty, director and consulting actuary at The Standard.
Pension Estimator is available to plan sponsors who have both their defined contribution and defined benefit plans administered by The Standard. The tool is customized and managed by The Standard’s actuarial team.