PITTSBURGH–(BUSINESS WIRE)–BenchMine, a leader in comparative analytics powered by OnlyBoth’s AI technology, has released its second year of fully searchable performance insights for U.S. retirement plans, letting users uncover valuable, perfect-English comparisons of key plan data in greater detail than ever. Continuing with free and open access, BenchMine has included 58,912 401(k) plans, using the first major data release on CY 2022 from the U.S. Department of Labor.
BenchMine enables users to analyze, compare, and discover plans and performance outcomes to an unprecedented level. No specialized knowledge is required – anyone can use BenchMine to evaluate plans across industry, geographic region, size, or other points of comparison. Using proprietary algorithms of automated knowledge discovery and natural language generation, BenchMine uncovers noteworthy positive insights for individual plans or groups, surfaces where improvements could be made, and delivers the results in a highly-readable, persuasive format with rich supporting context.
BenchMine has now expanded the range of plans in its analytics engines. For the first time, BenchMine includes performance insights for 401(k) plans with less than $1 million in assets that filed a financial Schedule H, servicing a wider array of stakeholders. Also, by examining each plan’s yield – a BenchMine-exclusive comparison of plan-year investment returns – users can make fair performance comparisons between any plans, regardless of asset size.
Also, the newly-released CY 2022 engines can be accessed from the same BenchMine webpage as the pre-existing engines for CY 2021 and 2020. This reminds users of a simple opportunity to do year-over-year performance comparisons of plans, creating a more complete performance picture, and supplementing a tumultuous 2022 year with prior context.
Raul Valdes-Perez, co-founder and CEO of OnlyBoth Inc., remarked, “With the newest data, an expanded scope, and UI improvements, we offer all current or soon-to-be stakeholders of employer 401(k) plans an easy way to intelligently assess the dynamic 401(k) landscape and make informed decisions.”
BenchMine is a comparative performance analytics tool powered by OnlyBoth’s AI innovations, which began as National Science Foundation sponsored research by Valdes-Perez at Carnegie Mellon University. Each tool provides four unique engines to address diverse user queries, such as individual benchmarking, side-by-side comparisons, overall scoring, and searching through the numerous pre-computed benchmarking insights. The OnlyBoth mission is to bring unprecedented performance transparency to multiple economic and social sectors and thus drive improvement and empower personal choices. The OnlyBoth technology that powers BenchMine aspires to become the new gold standard in comparative performance analytics, applicable to many sectors.