How it Works
The Standard’s RetireReady Tracker provides a tangible measure of employees’ retirement readiness.
The RetireReady Tracker report uses your plan's actual census data to calculate the average percentage of pre-retirement income that eligible employees are currently on track to replace in retirement. This tool lets plan sponsors know how well they’re meeting their goals to help employees save for retirement.
The report compares the plan’s score against the industry’s recommended income replacement ratio of 75 percent, and places employees in one of three categories: Warning, Caution and On Track.
Results are broken down by employees’ ages and compensation levels, and are tracked over time.
Use the RetireReady Tracker report to:
- Gain visibility into the financial health of your workforce
- Identify employee groups that require the most assistance
- Partner with your advisor and The Standard to improve the effectiveness of the plan
- Evaluate changes in retirement readiness over time
- Ensure the plan remains a highly valued benefit among employees