NARPP Introduces Icon – The First Retirement Plan Built For The Modern Workforce

Economics Week

By a News Reporter-Staff News Editor at Economics Week -- NARPP announced Icon, the future of retirement savings for the 21st Century workforce. Icon delivers an innovative and structured new way for millions of working Americans to save for their future. Icon was developed by an interdisciplinary team of retirement savings experts, behavioral finance academics, designers, and technologists who are united in their commitment to improve retirement security for everyone.

This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171013005154/en/ Fees Comparison Over 30 Years. Icon compared to the average target date fund. (Graphic: Business Wire) Icon is packed with features that address the needs of these uncovered and independent workers including: full portability, institutionally priced investments, and a tech-forward simplified interface. All this is wrapped-in support designed to help people navigate a retirement savings journey that can last up to 45 years. Icon - Built On Behavioral Finance and Design Thinking Icon is a hybrid plan that combines the best aspects of an employer sponsored plan (e.g., 401(k)), along with the flexibility of a self-directed plan (IRA). The result is a high quality, low cost plan born out of behavioral science and human centered design that motivates people to save. Icon is a scalable, sustainable solution and is an entirely new paradigm for providing retirement benefits to a labor force that is rapidly evolving away from the traditional employer-employee model.

"The percentage of employees offered any retirement plan by their employer has plummeted over the last fifteen years from 64% to 43%," said Warren Cormier, NARPP's Co-Founder and Chief Behavioral Officer. "We cannot gain ground on improving retirement security until we solve key structural problems in how people access retirement savings plans."

Right now there are at least 55 million working Americans who don't have access to an employer sponsored savings plan. Without this type of support, people are very unlikely to save. There are two main categories of uncovered workers, 1) employees of small businesses that don't offer a retirement plan, and 2) independent workers who don't have a traditional relationship with an employer. Icon is designed to be a solution for both groups.

Keywords for this news article include: NARPP, Economics, Behavioral Finance, Finance and Investment.