FAQs
Yes, a 32-bit encryption algorithm is used to redact every employee. In addition, all data is stored in transit and at rest in the application. Finally, FDI’s counsel has determined that the application is not subject to any PII laws, including the CCPA (The California Consumer Privacy Act).
ROE uses any participant data that would be used to make a retirement projection such as Date of Birth, Date of Hire, Annual Compensation, State of Residence, Employee Contributions as well as the balances the employee has in the plan.
The plan data used in ROE consists of plan design provisions such as eligibility, auto enrollment, auto escalate and employer contributions (matching and other). These provisions allow the ROE service to project employee and employer contributions. In addition, the ROE service also uses the investment options from the plan which are then used to project an assumed rate of return for each participant.
The purpose of the ROE service is first and foremost, to improve retirement outcomes. By allowing plan fiduciaries and their service providers to make changes in plan design, ROE improves Saving, Investing and Spending metrics for participants. The ROE service then displays the marginal cost and marginal benefit of those changes so the plan fiduciaries along with their service providers can determine the best way to improve outcomes for their participants.