Steps Retirement Program® Activity Report
What information is available in this report?How can I customize this report?
What information is available in this report?
The Steps Retirement Program® Activity Report provides an overview of the usage of the Steps Retirement Program’s goal-setting tool, by various demographic groups. Information includes the progress of these groups towards achieving their defined goals as well as their ‘retirement income readiness’ scores. You can use this report to determine the necessity for a targeted communication campaign to encourage members to set a retirement income goal and/or to take action toward meeting their retirement income goal.
How can I customize this report?
Parameter descriptions:
- Consolidation: Allows you to combine information for your DC plans. If you consolidate by plan group, your report will only contain information for that plan group across multiple DC plans.
- Level of information: Allows you to request a report that contains either plan level information or plan group specific information.
- Report period: Allows you to request two specific month-end periods for data comparison.
- Members included: Allows you to request the reports for active and inactive members, active members only or inactive members only regardless if the member has assets.
- Report format: The report is available in PDF or Excel.
- Report language: The report is available in English or French.
Special Note: The STEPs retirement program tool requests additional personal information from plan members, when there are less than 5 member’s certain sections of the report will not be displayed to protect the member’s confidentiality.
The first section of this report outlines the Plan Member Summary. Three sub-sections are provided where you can see:
- How many members have set a goal versus no goal
- The goal setting activity during the period (was it the first time setting a goal or was it updated)
- The percentage of members on track to reach their retirement goal
- Most data can be benchmarked against similar plan types at Manulife and available for the two date periods requested
The second section outlines the goal status:
- For members that have not set a retirement goal by sex. This section also provides more detail based on the status being updated or being a new entry
- For members that have not set a retirement goal by age group
Member Retirement Income goal now provides a view of new members and existing members who have set a goal at the end of the period. The graph below shows all members by age group in setting or not setting a retirement goal.
Again benchmarking is shown for similar plan types at Manulife.
For the members who have set a goal the third section outlines member’s retirement readiness:
- For member that are not on track to meeting their retirement goal by sex and by age group
- Comparison to similar Manulife plans is available
The fourth section outlines a member’s progress to retirement readiness. We outline each age groups percentage of members by their percentage of readiness. From the below graph, we can see that about 33% members in the age group 55-60 are ready for retirement with a readiness percentage of 100%, while for the same age-band less than 17% of the members are not at a 25% readiness.
The age bands in this section are shortened with 5-year interval after age 45 to better emphasize the importance of this older age groups reduced time to accumulate for retirement.
