Standard Retirement Services, a subsidiary of StanCorp Financial Group (Portland, Ore.), has launched Pension Estimator, an online defined benefit calculator that allows retirement plan participants to compare alternative pension income scenarios based on different assumptions and variables, according to a StanCorp press release.
Pension Estimator allows participants to model an unlimited number of potential scenarios, including alternative retirement dates, interest rate assumptions, salary increase assumptions and annuitization options, according to the release. The pension income projections can be automatically integrated with The Standard's existing defined contribution retirement planning tools and services.
"Pension Estimator was built to help plan sponsors decrease their time spent administering pension benefit illustrations as well as reduce their administrative costs," says Dave Dougherty, director and consulting actuary, The Standard. "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."
Pension Estimator is available to plan sponsors who have both their defined contribution and defined benefit plans administered by The Standard. The tool is customized and managed by The Standard's actuarial team, according to the StanCorp source.
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio