Allows retirement plan participants to compare alternative pension income scenarios based on different assumptions and variables
Standard Retirement Services (The Standard), a subsidiary of StanCorp Financial Group, has released a new online defined benefit calculator – Pension Estimator. The tool allows retirement plan participants to compare alternative pension income scenarios based on different assumptions and variables.
Pension Estimator allows participants to model any number of potential scenarios, including alternative retirement dates, interest rate assumptions, salary increase assumptions and annuitisation options. The pension income projections can be automatically integrated with The Standard’s existing defined contribution retirement planning tools and services.
Pension Estimator is accessible to plan sponsors who have both their defined contribution and defined benefit plans administered by The Standard. The tool is managed by The Standard’s actuarial team.
Dave Dougherty, director and consulting actuary of The Standard, said: “Pension Estimator was built to help plan sponsors decrease their time spent administering pension benefit illustrations as well as reduce their administrative costs. In addition, the tool helps them engage employees in the retirement planning process. The result is a better understanding and appreciation of the future income benefit provided by the defined benefit plan.”