Newport’s ‘My Forecast’ Dramatically Boosts Employees’ Retirement Readiness

The Newport Group, a leading national provider of retirement and executive benefit plans, announced that its “My Forecast” retirement readiness service is having a dramatic impact on employees’ retirement account balances, contribution amounts and overall engagement with their plans.

My Forecast allows employees enrolled in Newport retirement plans to instantly see their account balances, retirement income targets, and current projections, and shows them how to easily make adjustments to help them reach their goals. The feature was first introduced in October of 2011, and has been adopted by over 300 Newport plan sponsors to date.

“In just a few months, My Forecast has already produced some exciting results,” said Dennis Sain, Newport’s Senior Vice President, Retirement Services. “On average, plan participants who use it have seen their account balances grow 40% more than those whose plans don’t yet feature My Forecast. These participants are increasing their contributions to their plans. And they access their accounts 25% more often, performing nearly twice as many transactions on the site.”

Unlike many other retirement planning tools, My Forecast is placed “front and center” on the participant website. Upon login to the site, plan participants see an immediate graphical representation of how their contributions support their desired retirement income. Should there be a gap, interactive tools are available to help them get back on track. The feature also differs from other services by allowing employees to add outside financial accounts, plans and assets—giving them the most comprehensive snapshot possible of their total retirement readiness.

“We believe financial services websites should be easy to use, relevant to a person’s complete financial picture, and results-oriented, and we have an ambitious strategy underway to redefine Newport’s online participant experience accordingly,” said Eric Brickman, Senior Vice President, Strategic Solutions Group. “My Forecast will continue to be an integral part of this strategy, and we’re pleased to see this approach is already making a real, tangible difference in personal engagement and retirement savings results.”