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Charles Schwab
Plan Health Dashboard
Delivering the insights you need to manage your retirement plan
Tim Hawke is onscreen.
Hi, my name is Tim Hawke and I'm a Relationship Manager with Schwab Retirement Plan Services. I'm here today to share some exciting enhancements that will provide you key insight into your retirement plan. As we know, Data matters. It drives decisions, delivers answers, and prompts action. With our Plan Health Dashboard, obtaining quick access to the data you need most helps you understand, monitor, and manage your plan and participants. While understanding the benefit that these metrics provide, the Plan Health Dashboard will now offer you the ability to review your plan trends so that you can see just how your plan metrics compare to your peers. Before we dive into this new feature, let's take a moment to briefly review the Plan Health Dashboard.
The Plan Health Dashboard overview screen appears.
As displayed on the screen, the plan health dashboard provides a snapshot of your retirement plan that we service. The various tiles reflected all represent a key plan metric as of a certain point in time. This year, eight additional metrics were added to the dashboard offering a deeper level of insight into your participants' behavior. Some of these newest tiles include Contributor Type, where we can distinguish those deferring Roth from pre-tax, as well as a separate After-Tax Contributor tile. Also new, the Investor profile tile which we'll revisit in greater detail in just a few moments. The ability to review all of this plan data over a period of time is also easily obtainable by clicking on the Trends view.
Screen displays Trends view.
While the default is year-to-date information, you also have the option to display ALL available history by simply clicking on the drop-down box and making the selection. This allows you to incorporate up to three years of monthly data into any given metric.
Screen displays Benchmarks view.
Now on to the newest enhancement, Benchmarking. This will allow you to display the peer group average in the applicable grouping that you decide. When expanding the Benchmarks category, you will notice that benchmarking data is now available to you using any or all of the following groups: Your industry, similar size in terms of total plan assets, similar totals for in terms of number of participants, or you can simply elect to compare your plan data to that of all the defined contribution plans at Schwab Retirement Plan Services.
While the third column represents the maximum number of peers that comprise that groupings averages, each metric may actually include less peers as a result of differing plan design and features. Defaulted at the industry level, you will now notice the various data points for your plan also include benchmarking data for comparison purposes. If we take a look at the third tile, the Contributing Year to Date tile, this reflects your percentage at the top, while below reflects the Contributing Year to Date percentage for the number of plans in your industry at Schwab Retirement Plan Services. Understanding that plan metrics, peer metrics, and peer plans may change each month, reflecting plan design and activity quickly is our goal. That is why this information will be updated on a monthly basis.
Screen displays Favorites view.
Earlier, I highlighted some of the newest plan tiles that are now available. Before we close today's overview, I would like to take a moment to demonstrate how we can utilize one of these tiles to extract meaningful plan data. In this example, we will focus on the Investor Profile tile.
Cursor hovers over blue info icon and pop-up text box appears.
First, I would like to point out that hovering over the info icon will provide you the key details behind that particular metric. This is consistent for every plan metric that is displayed.
Cursor clicks on plus icon and screen changes to Plan Analytics, going to Glide Path Analysis view.
Next, if we click on the plus icon, this will take us directly to the Plan Analytics reporting tool, which is the engine behind the data that is reflected in the Plan Health Dashboard. Within this screen we now have access to the Glide Path Analysis view. Using this tool, what you see on the screen is a visualization of where each participant falls on the Target Date Fund glide path. The shaded area here represents the Morningstar Target Date Fund Index glide path. When utilizing the left axis, which represents estimated equity percentage, and the bottom axis which represents age, you have the opportunity to see where all participants are plotted relative to the glide path. Therefore, you can identify participants that are above the glide path, and potentially taking on more investment risk, and also those participants falling below the glide path, and potentially not taking on enough risk.
Cursor hovers over drop down box.
The tool also offers customization so that you can highlight participants not only by age but also advice status or investor profile type. Want to know how this looks? You can also break this down even further by respective age group. Simply hover over the legend and you now have a visualization of the age group you would like to view. If you're curious to see how this information looks maybe, participants invested only in target date funds, then you can navigate to the righthand side here and simply filter down by selecting target date fund users.
Cursor hovers over colored dots and pop-up text box appears.
And if you're really after the details, you can investigate even further by selecting any one of these participants, clicking your mouse, and a whole list of additional information will appear, such as the number of positions that participant holds, age, tenure with the company, and the list goes on and on.
Summary screen appears.
One additional point I will share is clicking on this caret here, you have the ability to see an allocation of where they have their funds invested.
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Questions? Contact your Schwab Retirement Plan Services representative for more information.
So that wraps up today's demonstration. In closing, making data easier to access is what the Plan Health Dashboard is all about. It puts you in charge of your plan's data, so get started today. Please contact your Schwab Retirement Plan Services team for a demonstration of your plan's dashboard. I hope you found today's demonstration useful, thank you for your time, and take care.
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"We," "us," and "our" refer to Schwab Retirement Plan Services, Inc., unless otherwise noted.
The material contained herein is proprietary to Schwab Retirement Plan Services, Inc. (SRPS) and is for informational purposes only. None of the information constitutes a recommendation by SRPS. The information is not intended to provide tax, legal, or investment advice. SRPS does not guarantee the suitability or potential value of any particular investment or information source. Certain information presented herein may be subject to change. Neither the presentation nor any information or material contained in it may be copied, assigned, transferred, disclosed, or utilized without the express written approval of SRPS.
This presentation is intended to be used for plan sponsors and will not be provided to plan participants.
Schwab Retirement Plan Services, Inc. created this communication for retirement plan sponsors and retirement plan consultants, advisors, and other retirement plan service providers and fiduciaries only. Schwab Retirement Plan Services, Inc. is not a fiduciary to retirement plans or participants and only provides recordkeeping and related services.
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