Financial Engines
NORTHERN TRUST RETIREMENT CONSULTING AND FINANCIAL ENGINES® FIRST TO INTEGRATE DEFINED BENEFIT CALCULATION RESULTS WITH ADVICE
Chicago, IL and PALO ALTO, CA, October 22, 2001 – Northern Trust Retirement Consulting, L.L.C. (NTRC), a wholly owned subsidiary of Northern Trust Corporation (NASDAQ: NTRS) and Financial Engines announced today that plan sponsors working with NTRC and Financial Engines are now able to provide their participants with a unique advice service that takes into consideration data from both defined contribution and defined benefit retirement plans. This new application was initially rolled out to Motorola (NASDAQ: MOT) plan participants on October 8, 2001.
After completing a detailed discovery process, NTRC and Financial Engines developed functionality that allows a participant to integrate a defined benefit plan estimate, calculated by NTRC, with the Financial Engines Advisory Services platform. This new capability means participants can now incorporate a defined benefit plan estimate, which is based on the following assumptions: a participant's income growth rate, retirement age, and benefit start age, into their retirement planning.
"NTRC understands that retirement plan participants are looking for web-based advisory services that consider all sources of their future retirement income. We now have a comprehensive advice service for which NTRC provides the content from both defined benefit and defined contribution plans," said Serge Boccassini, Director of Product Development, Northern Trust Retirement Consulting.
"Financial Engines differentiates itself by considering the total household portfolio when making investment recommendations," says Pat Hughes, Director of Business Development for Financial Engines. "Integrating defined benefit data adds another component to helping employees get a realistic picture of the likelihood of reaching their financial goals."
"Since January of 2001, NTRC and Financial Engines have provided Motorola plan participants with advisory services that include current defined contribution balances. Enhancing this relationship to include a participant's defined benefit plan estimate was a natural extension to this service and will further assist our participants in making financial decisions to achieve their retirement goals," said Randy Boldt, Director of Benefits Administration for Motorola.
About Northern Trust
Northern Trust Corporation (www.northerntrust.com) is a multi-bank holding company with worldwide locations and a leading provider of treasury management, master trust and custody, retirement, risk and performance, international and investment management services for corporations, institutions, and individuals. As of June 30, 2001, Northern Trust had $1.68 trillion in assets under administration and over $342 billion in assets under management.
About Financial Engines
Financial Engines is a leading provider of investment advisory services to the workplace and to financial institutions. Financial Engines enables employers, financial professionals and financial organizations such as fund companies, brokerages and banks to offer consistent, high-quality, personalized investment advice on a cross-enterprise basis. Founded by Economics Nobel Laureate William F. Sharpe, Financial Engines works with its customers to help their clients make better investment decisions to meet their financial goals. Financial Engines was founded in 1996 and is located in Palo Alto, Calif.
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Financial Engines® is a registered trademark. All other trademarks and service marks are the property of their respective owners. All advisory services are provided by Financial Engines Advisors LLC, a federally registered investment advisor.