Boston College’s Center for Retirement Research (CRR) and First Eagle Investment Management have announced a multi-year partnership to develop insights and tools for retirement plan sponsors and financial advisors to help plan participants save for retirement.
Initially, CRR and First Eagle will collaborate on publishing a series of papers focused on the key challenges retirement savers face in the years before and during retirement, according to a First Eagle press release. Topics to be addressed will include how different workers save in their company-sponsored retirement plans, what affects spending in retirement and the impact of healthcare expenses for different segments of the retiree population.
Eventually the two organizations plan to develop a customized, interactive platform that plan sponsors, financial advisors and plan participants can use to establish goals and strategies to plan for a secure retirement. The hope is that by using plan features and aggregated participant data the interactive platform — on plan sponsors’ websites — will help increase participation in retirement plans.
“Lack of preparedness for a comfortable retirement, including the shortfall in adequate retirement savings, is one of our country’s biggest social problems.” said Mehdi Mahmud, CEO and president of First Eagle Investment Management in a statement. “Through our partnership with CRR, we hope to develop awareness, insights and solutions that can help sponsors and advisors, as well as policy makers, address the challenges retirement savers.”
Alicia H. Munnell, the direction of CRR, said the “different, but complementary, perspectives [of the two organizations] will produce unique insights.”
CRR’s partnership with First Eagle, which has approximately $119 billion in AUM, is is not its first corporate tie-in, but it is a big larger than its standard partnership program, according to a spokeswoman. Other corporate partners include Blackstone, BlackRock, JPMorgan, Capital Group, parent company of American Funds, State Street, Prudential Financial and the TIAA Institute.