Buck Consultants Addresses Retirement Readiness with Savings InSight, an Automated Workplace Savings Solution
NEW YORK--(BUSINESS WIRE)-- Buck Consultants, A Xerox Company (NYS: XRX) , today announced Savings InSightTM, the first automated workplace retirement savings program of its kind in the U.S. that will allow employers to automate their defined contribution retirement programs.
Savings InSight, part of Buck's retirement plan services, will be provided to workers through an employer's intranet. It works for any type of defined contribution plan or design, and with any record-keeper. The employer's management team sets targets and assumptions for the underlying retirement date, income level, and payout period, resulting in more control over the eventual retirement readiness of its workforce.
"Savings InSight will transform workplace retirement savings into a process that's automatic and easy for everyone, from the market savvy to the novice employee investor," said Ted Goldman, Buck's North American retirement practice leader. "People now will know exactly where they stand in relation to their savings goals, and this confidence contributes to more focused, productive, and engaged employees."
As the first of its kind in corporate America, Savings InSight will enable employers to offer a complete retirement readiness solution that:
- Enrolls employees automatically;
- Sets a savings target for each employee based on age, pay, and current savings, taking into account all retirement income sources;
- Calculates a "smart" career contribution pattern that provides employees with customizable options based on their expected retirement age and income goals in retirement;
- Invests in one of the plan's default funds, though employees always have the flexibility to select alternative investments;
- Reviews an individual's actual results against the target, and automatically makes contribution adjustments that keep the program on track; and
- Establishes a payout schedule that lasts throughout retirement.
In response to the retirement readiness crisis in America, Buck created Savings InSight to help companies assist their employees with smart, automated retirement planning. This boosts employee confidence, and makes retirement patterns more predictable, letting companies align them with business objectives.
"For close to a century, Buck has been leading innovation in the delivery of HR programs and services," said Mike Roberts, group president, human resources services. "This service is built to bridge the savings gap we face as plan sponsors, individuals, and society as a whole."
For more information about Savings InSight, visit https://www.buckconsultants.com/Services/Retirement/savingsinsight.aspx.
About Buck Consultants
Buck Consultants, A Xerox Company, is a leader in human resource and benefits consulting with more than 1,500 professionals worldwide. Founded in 1916 to advise clients in establishing and funding some of the nation's first public and private retirement programs, Buck is an innovator in the areas of retirement benefits, health and welfare programs, talent and human resources solutions, compensation, and employee communication. News and other information about Buck Consultants are available at http://www.buckconsultants.com.
Since the invention of Xerography 75 years ago, the people of Xerox (NYS: XRX) have helped businesses simplify the way work gets done. Today, we are the global leader in business process and document management, helping organizations of any size be more efficient so they can focus on their real business. Headquartered in Norwalk, Conn., more than 140,000 Xerox employees serve clients in 160 countries, providing business services, printing equipment and software for commercial and government organizations. Learn more at www.xerox.com.
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Xerox® and Xerox and Design® are trademarks of Xerox in the United States and/or other countries. Savings InSightTM is a trademark of Buck Consultants, LLC.
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