RetireOnTarget® will enable more than 140,000 credit union employees, whose 401ks are administered by CUNA Mutual, to better meet their retirement goals through a unique and easy-to-understand planning tool.
"Retirement planning tools have been available for many years to participants, but we believe RetireOnTarget is different and better," said Kevin Thompson, senior vice president, Asset Accumulation, CUNA Mutual. "RetireOnTarget is proactively presented to participants. They don't have to search for it and they can quickly edit it for their personal situation. We use an ‘easy button' approach so they can make changes to get themselves back on target. Frankly, people want guidance, not just education."
The technology employed by RetireOnTarget enhances CUNA Mutual's outcome-based approach to retirement plans by helping participants make informed decisions leading to a financially secure retirement. A plan participant can determine if they're investing enough, adjust the risk of their asset allocation and alter goals and their retirement dates.
"Our surveys show participants find this technology easy to use and they value the guidance," Thompson added. "Participants aren't portfolio managers or actuaries, yet they're thrust into that position. Most people set aside what they can afford and hope for the best. Obviously, this is not a good plan. RetireOnTarget also provides plan sponsors relief in knowing their employees are getting guidance to make well-informed decisions."
"RetireOnTarget is innovative and our employees find it user friendly," said Linda Petty, benefits manager at Kern Schools Federal Credit Union, Bakersfield, CA. "They have been very positive about how helpful this technology is in managing their portfolios and that it is a step-by-step process you could not go wrong with. It's especially helpful in determining how much someone should contribute."
About CUNA Mutual
CUNA Mutual has been a leader in the credit union 401k plan marketplace for more than 50 years. The company, along with its subsidiaries, provides administration and investment services to more than 7,500 retirement plans and more than 370,000 employees nationwide.
CUNA Mutual Group insurance, retirement and investment products provide financial security and protection to credit unions and their members worldwide. With more than 75 years of true market commitment, CUNA Mutual's vision is unwavering: To be a trusted business partner who delivers service excellence through customer-focused products and market-driven insight. More information on the company is available on the company's Web site at www.cunamutual.com.
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