401(k) Plan Participants Have Option of Automatic Asset Allocation with New ProManage PROgram(TM) Service Offered Through Nyhart
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401(k) Plan Participants Have Option of Automatic Asset Allocation with New ProManage PROgram(TM) Service Offered Through Nyhart

Tuesday, September 14, 2021 10:53 AM
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ProManage's managed account solution, the ProManage PROgram™, is now available through the Nyhart daily valuation recordkeeping platform

CHICAGO, IL & INDIANAPOLIS, IN / ACCESSWIRE / September 14, 2021 / ProManage, a Chicago-based firm providing customized solutions for defined contribution plans, has rolled out its managed account service, the ProManage PROgram™, through Nyhart, an employee-benefit consulting, actuarial, and administration firm.

The PROgram is offered through Nyhart's daily valuation recordkeeping platform in conjunction with the plan's investment adviser. It provides participant-level asset allocation oversight using the existing fund lineup within the plan.

By using readily available data-participant account balances, age, compensation, etc.-the PROgram crafts an investment allocation for each participant who uses the service. The PROgram is fully integrated with Nyhart's recordkeeping system and oversees participant balances totaling more than $30 million as of July 31, 2021.

"This is automatically implemented on behalf of the participants, so even reluctant investors can benefit from a diverse portfolio," said ProManage CEO Tony Sabos. "Plus, this approach doesn't require complex or expensive technical connections with recordkeepers."

"By partnering with ProManage, we can offer plan participants a valuable, cost-effective service that works entirely behind the scenes," said Nyhart CEO Carter Angell.

Participants utilizing the PROgram can also use ProManage's Vision product. Vision is a sophisticated online investment advice tool designed to help participants understand if they are on track for retirement.

Vision gives them the ability to model their long-term financial goals for retirement by adjusting levers and assumptions. Participants can choose to influence the PROgram allocation by implementing the adjustments and suggestions, including savings-rate changes.

About Nyhart

The Nyhart Company is an award-winning employee-benefit consulting, actuarial, and administration firm headquartered in Indianapolis, Indiana. Nyhart's clients include states, cities, municipalities, professional services firms, public and private-sector entities, healthcare systems, religious organizations, and higher education institutions. Client assets exceed $20 billion. Nyhart is part of FuturePlan by Ascensus, a leading national retirement third-party administrator. Web: www.nyhart.com or https://www.futureplan.com

About ProManage

ProManage develops custom-crafted, defined contribution plan solutions to help participants save and invest for retirement. The Chicago-based firm offers three distinct services: managed accounts, guidance and advice, and metrics. Because plans, plan sponsors and participant populations differ, ProManage crafts solutions that fit sponsors' goals, participants' needs and sponsors' budgets. Web: https://promanageplan.com

Media contact: Henry Stimpson, Stimpson Communications, [email protected]

SOURCE: ProManage

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