TPA Adds Financial Education Solution to Participant Portal
Third party administrator (TPA) Sentinel Financial Group will be installing vWise SmartPlan Enterprise onto its SunGard Relius platform January 1.
vWise
Inc. says that by combining a video-based presentation of financial information
with an interactive application that prompts users to make informed investment
decisions, SmartPlan Enterprise can help increase plan enrollment, raise
participant contribution levels, and reduce support costs, according a press
release.
The video offers a brief overview of 401(k) basics, followed by a discussion of
selected features–such as auto-enrollment, matching contributions, and loans –that
providers can customize. The video hosts then guide participants through a
process, including individual retirement needs and risk profile surveys, and
selection of investment types and contribution amounts that generates a
personalized investor profile.
The SmartPlan Enterprise system is integrated with a provider’s participant
database, to deliver a custom experience and allow upload of participant
choices, the press release said. It also includes an administration portal that
provides a suite of tools in a menu-driven format.