Exceptional Service and Support
Our Relationship Managers are purposely limited in the number of plans they can service to ensure attention is personal, individualized, and knowledgeable.
- When you call your plan provider, do you feel you are constantly being sold a new product?
- Does your provider ask your team -- at year-end -- to produce payroll information your provider has been collecting all year? How much time does your team lose by re-sending the information already collected?
- When you ask your provider about ways they can make your life easier, how flexible are their processes to ensure you are satisfied?
Connect with a Retirement Plan Services Professional to get started.
Case Study: The Power of Individualized Attention to Detail
The client was frustrated with their plan provider because they were failing nondiscrimination testing on an annual basis. In addition to this issue, the plan had over 120 participants and thus was audited every year.
Since the plan provider was running testing and census information without reviewing it for potential savings, these two issues cost the plan and its highly-compensated employees (HCE) money. Due to the plan’s nondiscrimination testing failures, its HCE’s either had to have money returned to them or the plan had to contribute additions to its non-highly compensated employees (NHCE) to raise their benefits. In the end, either the HCEs had to lose money for their retirement savings or the employer had to put more money into the plan.
Eliminate the Audit
We started by adjusting eligibility from immediate to requiring six months and 500 hours. We also removed the automatic enrollment feature. The prior provider was not forcing out terminated employees with balances below $5,000. We instituted an automatic rollover of these balances out of the plan. Through these actions, we were able to decrease the pool of eligible employees below the minimums for an audited plan.
Achieve Better Testing Outcomes
We tested gross compensation as opposed to eligible compensation. Many providers will simply run their testing based solely on the limited information already collected. We analyze the document and payroll information to assist clients in achieving their objectives. Our team includes experienced compliance and document personnel (ERPA, JD, QPA, several QKAs) to look beyond the textbook numbers and find innovative solutions.
What Were The Benefits To The Client?
Because of our proactive and attentive measures, our new client saved approximately $7,000-$10,000 in annual auditing expenses and their HCEs were able to contribute more into their personal retirement plans without being reliant on NHCE behavior.
"It's like the fundamentals of baseball - you have to do the little things right every time to be successful. The steps we took for this client were not major changes, but they exemplify the little things that we do right, every time."