Great-West Launches Resource Centre for Group Savings PlansBy Andrew Rickard | August 27 2014 09:46AM
Great-West Life has launched an online resource centre to help sponsors and advisors monitor their group retirement savings plans.
The insurer says that its new resource centre was created to help employers determine if employees are achieving retirement income adequacy, and if their plans are in compliance with regulatory or legislative requirements. Plan sponsors will be able to identify member trends and download the results, which Great West says will help them to better understand the way members behave and make investment decisions.
Sponsors and advisors will be able to view member activity and identify trends by age ranges, asset classes, points-in-time, or plan types. Charts and graphs will show, among other things, the investment activities of members throughout their various life stages. Sponsors will be able to see withdrawals by subgroup, age range and reason for withdrawal, and will also have the ability to target this data by subgroup or age range.
"Advisors can add value for their clients by accessing the plan governance tool and completing capital accumulation plan (CAP) reviews and, as applicable, Canadian Association of Pension Supervisory Authorities (CAPSA) reviews on behalf of their clients," notes Great West Life. "Both sponsors and advisors can use this tool's notes feature to discuss compliance questions or make recommendations directly in the tool."