A Midwestern financial services company has come out with a new tool that financial professionals can use with prospective defined contribution plan sponsors.

The Replacement Ratio Tool for Defined Contribution Plans is offered by Principal Financial Group Inc., Des Moines, Iowa.

After a financial professional enters a few pieces of data into the tool, the tool shows the client the overall replacement ratio percentage of all plan participants, the overall replacement ratio percentage of participants on track and not on track for retirement, a breakdown of those participants within each replacement ratio range, and the percentage of participants on track and not on track by age and salary, Principal says.

The data can then be used to introduce ideas to help get participants on track and help the client’s plan be more successful, Principal says.