BenchMine Creates a Free Search Engine for 401(k) Industrial Plan Data | Company

PITTSBURGH–(BUSINESS WIRE)–Nov. 17, 2022–

Targeting the 401(k) industry opportunity for greater transparency, BenchMine, a benchmarking engine powered by OnlyBoth AI Innovations, launches a free research tool that highlights the strengths and weaknesses of over 54,000 retirement investment plans in English phrases light. BenchMine leverages Department of Labor 401(k) data for CY 2021, turning a complex data set into easy-to-understand comparisons of cost, performance, and other key characteristics of each plan.

BenchMine was previously 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 research and analysis of CY 2021 401(k) data free and open to everyone, as a resource for plan sponsors, providers, attendees and all stakeholders to deepen their understanding of options and opportunities at all levels of the 401(k) industry.

“The windows are transparent but often require analysis of what is on the other side. The same goes for data spreadsheets. Anyone can download DOL 401(k) data, but few could understand it without expert analysis,” Valdes-Perez said. “Let’s show how the plans perform compared to their peers. Increased transparency will bring changes and expanded options to 401(k)s that serve the tens of millions of American employees.

BenchMine analyzes 2021 Department of Labor 401(k) data released in late October. Users can search over 54,000 plans totaling over $6.6 trillion in assets. Included plans start at $1 million and are mined by calculation for days. Four analysis engines can then quickly generate targeted information.

  • The benchmarking engine reveals a plan’s performance across its asset class, sector, geography, or other characteristics.
  • The comparison engine provides a side-by-side overview of the features and qualities of up to ten plans.
  • The scoring engine evaluates a plan based on the benchmarking information discovered, which then enables ranking.
  • The discovery engine allows users to perform simple data searches, but also to access, with a wide variety of queries, the hundreds of thousands of stored information.

BenchMine creates and stores benchmarking information in perfect English, enriched with links to related plans and supporting context.

“People educate, motivate and persuade best with language, as seen in everyday life,” Valdes-Perez said. “Automation was the hurdle, now overcome.”

About BenchMine

BenchMine is a public performance benchmarking tool powered by AI innovations from OnlyBoth, which began with National Science Foundation-sponsored research at Carnegie Mellon University. Each tool uses four unique engines to respond to diverse user queries, such as individual benchmarking, multiple comparisons, scoring, and discovery search, with the aim of enabling unprecedented transparency and driving improvement. The OnlyBoth technology that powers BenchMine seeks to become the new benchmark in performance benchmarking.

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CONTACT: Rocco Aloe

Grégory FCA for BenchMine

[email protected]

610-860-2075

KEYWORD: PENNSYLVANIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: TECHNOLOGY PERSONAL FINANCE COMMUNICATIONS PROFESSIONAL SERVICES SOFTWARE SEARCH ENGINE OPTIMIZATION DATA MANAGEMENT SEARCH ENGINE MARKETING ARTIFICIAL INTELLIGENCE

SOURCE: Only the two

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PUBLISHED: 17/11/2022 09:00/DISC: 17/11/2022 09:02

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