In recent years, several high-profile cyber attacks have occurred in the retirement plan industry. They have resulted in the loss of billions of dollars in assets. These attacks have exploited many vulnerabilities, including weak passwords, unpatched software, and social engineering.
Technology continues to reshape the US retirement industry landscape. The development of digital tools and platforms that prioritize efficiency, security, and personalization has introduced a new era of retirement plan administration.
Quantum computing is among the advanced technologies that can provide recordkeepers and retirement plan administrators with a competitive edge.
Data has become a critical component of success for retirement service providers. The retirement industry generates vast amounts of data, including customer demographics, investment performance, and plan metrics.
. Managing and analyzing retirement data can be complex due to the information involved. But there are exciting possibilities for transforming the retirement industry. New tools and technologies paved the way for efficient data analysis.
An experienced third-party administrator can provide the most up-to-date data, analyze test results, and provide detailed reports to keep your plan compliant. Since NDT is a seasonal task, outsourcing it provides you with cost savings. It reduces the additional burden on your in-house team and eliminates the need for hiring extra staff.
The retirement plan industry in the United States is changing rapidly. The laws, regulations, and policies regarding retirement plans are constantly being revised and updated.…
Introduction The retirement plan industry is heavily impacted by inflation as it affects the purchasing power of participants’ savings and investments. It has a significant…