Betterment at Work Rolls Out AI-Powered Plan Sponsor Dashboard
Betterment at Work today announced a redesigned 401(k) plan sponsor dashboard, including a new AI-powered benchmarking tool that gives employers a clearer, faster way to identify gaps in their retirement benefits and take action.
The dashboard centralizes administrative tasks, payroll integration status, action items, and support. The new dynamic homepage surfaces relevant insights for each plan sponsor, personalized to where they are in their journey.
“Our redesigned dashboard unifies tasks and showcases AI-powered benchmarking in one place so sponsors can focus on the actions that matter most for their employees’ retirement outcomes.”
Betterment’s Chelsey Lubin
“Plan sponsors are being asked to manage increasingly complex retirement programs, often without dedicated internal resources,” said Chelsey Lubin, Vice President of Client Experience at Betterment. “Our redesigned dashboard unifies tasks and showcases AI-powered benchmarking in one place so sponsors can focus on the actions that matter most for their employees’ retirement outcomes.”
A key new feature is the AI-powered plan benchmarking tool, which reviews plan participation and average contribution rates, and then delivers insights about how that plan compares to national averages. Sponsors can see how their plan is performing and where there may be opportunities to boost engagement and savings behavior, which can ultimately help their employees maximize their retirement benefits. These comparisons are designed to assist sponsors’ ongoing fiduciary responsibility to regularly benchmark plan performance.
A press release today said the plan benchmarking tool is part of Betterment’s broader enterprise AI strategy to deliver personalization at scale across its platform and follows the recent launch of Betterment’s AI Account Recommender for retail customers.
Betterment also recently announced a partnership with HR provider OnPay to streamline payroll and retirement benefits. That integration especially targets small business plans—41% who say they currently do not offer a retirement benefit due to its long process and time requirements, according to OnPay research.
New York-based Betterment at Work provides modern, scalable 401(k) solutions built for growing businesses and manages more than $70 billion in assets.
SEE ALSO:
• Betterment at Work, OnPay Collab Streamlines 401(k) Administration
• Betterment Partners with Capitalize on 401(k) Rollovers
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.