PITTSBURGH–(BUSINESS WIRE)–November 17, 2022–
Targeting the 401(k) industry’s opportunity for much greater transparency, BenchMine, a benchmarking engine powered by OnlyBoth’s AI innovations, launches a free search tool that highlights the strengths and weaknesses of over 54,000 retirement investment plans in plain English sentences. BenchMine is based on the Department of Labor’s 401(k) data for the year 2021, transforming a complex data set into easy-to-understand comparisons of each plan’s costs, performance and other key features.
Previously, BenchMine was made available to members of the Defined Contribution Institutional Investment Association (DCIIA) and the Plan Sponsor Institute (PSI). Raul Valdes-Perez, co-founder and CEO of OnlyBoth, has made 2021 401(k) data search and analysis free and open to everyone as a resource for plan sponsors, suppliers, participants and all interested parties deepen. their understanding of the options and opportunities at all levels of the 401(k) industry.
“Windows are transparent, but often require analysis of what’s on the other side. Likewise for data spreadsheets. Anyone can download 401(k) data from the DOL, but few could understand it without analysis expert,” said Valdes-Perez. “We will show how plans are performing compared to peers. Improved transparency will bring changes and expanded choices to the 401(k)s that serve America’s tens of millions of workers.”
BenchMine analyzes 2021 Labor Department 401(k) data that was made publicly available in late October. Users can search over 54,000 plans totaling more than $6.6 trillion in assets. Included plans start at $1 million and are computationally explored for days. Four analysis engines can quickly generate specific information.
Benchmarking Engine reveals a plan’s performance in its asset class, industry, geography or other characteristics. The comparison engine offers a side-by-side view of the features and qualities of up to ten plans. The scoring engine scores a plan based on discovered benchmarking statistics, which allow for a ranking. The Discovery Engine allows users to perform simple data searches, but also access with very diverse queries the hundreds of thousands of stored information.
BenchMine creates and stores benchmarking knowledge in perfect English, enriched with links to related blueprints and supporting context.
“People educate, motivate and persuade better with language, as everyday life shows,” said Valdés-Pérez. “Automation has been the obstacle, now overcome.”
About BenchMine
BenchMine is a public benchmarking tool powered by OnlyBoth’s AI innovations, which began when the National Science Foundation sponsored research at Carnegie Mellon University. Each tool uses four unique engines to address different user queries, including individual benchmarking, multiple comparisons, scoring and discovery search, with the goal of enabling unprecedented transparency and driving improvement. The OnlyBoth technology that powers BenchMine aims to become the new gold standard in performance benchmarking.
View the activated source version businesswire.com:
CONTACT: Rocco Aloe
Gregory FCA for BenchMine
610-860-2075
KEY WORD: PENNSYLVANIA UNITED STATES NORTH AMERICA
SECTOR KEYWORD: TECHNOLOGY PERSONAL FINANCE COMMUNICATIONS PROFESSIONAL SERVICES SOFTWARE SEARCH ENGINE OPTIMIZATION DATA MANAGEMENT SEARCH ENGINE MARKETING ARTIFICIAL INTELLIGENCE
SOURCE: OnlyBoth
Copyright Business Wire 2022.
PUB: 17/11/2022 09:00/DISC: 17/11/2022 09:02
Copyright Business Wire 2022.
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