|By Business Wire||
|February 6, 2014 12:30 PM EST||
The Newport Group, a national provider of retirement and executive benefit plans, has been recognized for its programs to help employees make better financial decisions.
Newport is one of the first retirement plan providers to undergo the PlanSuccess Recordkeeper Evaluation Program. Created by the Allianz Center for Behavioral Finance, the program identifies providers who “possess extensive behavioral finance capabilities and show a willingness to continue to enhance their services and act in the best interest of their participants,” according to Allianz Global Investors.
The study of behavioral finance proposes psychology-based theories of retirement plan participant behavior, and promotes successful saving and investing based on that behavior. Newport engages numerous strategies to encourage employees to take positive steps in preparing for retirement—including its CompassSM program, which offers plan-level health assessment and participant-level engagement assessment. Compass includes interactive website features, targeted communication and education materials, progress alerts, and guidance on when to take action.
“Being among the few firms to have earned this certification demonstrates our commitment to helping plan participants improve their retirement readiness,” said Dennis Sain, Senior Vice President, Retirement Services. “It offers Newport the opportunity to work with financial advisors who are looking to incorporate proven retirement readiness service solutions for their clients as part of their standard business model.”
The PlanSuccess Recordkeeper Evaluation Program assesses defined contribution plan providers on 19 key behavioral capabilities, and includes a rigorous review of their plan features, such as auto-enrollment, auto-escalation and auto-investment. “Its goal is the same as Newport’s,” noted Sain. “And that’s simply to help make it easier for employees to make better choices for their retirement.”
About The Newport Group
Founded in 1984, The Newport Group is a leading retirement services firm—specializing in the creative design and administration of retirement and executive benefit plans. Through its innovative and customized solutions, Newport is uniquely positioned to satisfy the distinct financial needs of employers and employees, and has done so for hundreds of the country’s largest and best-known companies.
Newport is headquartered in Heathrow (Orlando) FL, with service centers in Charlotte NC, Dallas TX, Greensboro NC, La Crosse WI, Los Angeles CA, Orlando, FL, Richmond VA, and St. Petersburg FL. Newport also has offices in Atlanta, Boston, Chicago, Denver, Nashville, New York NY, San Francisco, and St. Louis MO. For more information, visit www.newportgroup.com.