Putnam Investments has started an enhanced website for sponsors of 401(k) plans and other defined contribution retirement programs.
The site, which was announced last week, gives sponsors a customized plan dashboard with numerous new features, including: on-demand reporting and testing, which allows sponsors to generate reports instantly, measure success and identify areas of greater focus; Fiduciary Central, an online repository of all plan documentation needed to comply with the seven-year retention requirement; Putnam proprietary fund monitoring that gives simplified day-to-day tracking of fund performance within the plan and proactively notifies the sponsor when action may be required; and alerts, forms, transactions, the sponsor's profile and the latest retirement plan and investing news.
David Tyrie, director of Putnam defined contribution product and marketing, said the new site is aimed at the adviser community and how it can better serve plan sponsors. "It's the first site that has to have an adviser customize it for their client," he said.
Putnam had not heard any complaints about the old site, but decided it could enhance it to benefit the advisers and plan sponsors, Tyrie said.
"People don't comment about a plan sponsor site," he said. "It's just there. We saw this as an opening to enrich the relationship with the plan sponsor."