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AI-powered benchmarking engines uncover natural language insights from over 54,000 US plans

PITTSBURGH–(BUSINESS WIRE)–Targeting the opportunity presented by the 401(k) industry for greater transparency, BenchMine, a benchmarking engine powered by OnlyBoth’s AI innovations, launches a free research tool highlighting the strengths and weaknesses of over 54,000 retirement investment plans in clear English sentences. BenchMine draws on Department of Labor 401(k) data for CY 2021, transforming a complex dataset into easy-to-understand comparisons of each plan’s cost, performance, and other key characteristics.

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 all, as a resource for plan sponsors, providers, participants, and all interested parties to 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 is on the other side. Likewise for data spreadsheets. Anyone can download DOL 401(k) data, but few would understand it without expert analysis,” Valdes-Perez said. “We show how plans perform in relation to colleagues. Greater transparency will bring change and more options to the 401(k)s that serve 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 computationally explored for days. Four analytics engines can then quickly generate targeted insights.

  • The benchmarking engine reveals a plan’s performance across its asset class, industry, geography, or other characteristics.

  • The comparison engine provides a side-by-side look at the features and qualities of up to ten plans.

  • The scoring engine scores a plan based on the benchmarking insights it discovers, which then allows for a ranking.

  • The Discovery Engine allows users to perform simple data searches, but also access hundreds of thousands of archived insights with richly diverse queries.

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

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

About BenchMine

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

Rocco Aloe

Gregory FCA for BenchMine

[email protected]


Source: OnlyBoth

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