Retirement Plan Implementation

We will work with you to implement the new retirement plan or the revised plan. During this process, we will:

  • Work with your advisors to find the right custodian for your plan
  • Tailor our administrative services to complement services offered by your custodian and other professionals
  • Train your staff as needed in their role (new participant enrollment, contribution remittance procedures, and record maintenance, for example)
  • Conduct employee enrollment meetings, employee educational sessions, or general retirement planning seminars

Client Issue
Our client was experiencing low participation in its 401k plan, which in turn resulted in a failed ADP test. The company did not make or want to make any matching contributions.

Our Solution
We first analyzed the contribution rates, and determined that new hires, eligible immediately with quarterly entry, had the lowest participation and contribution rates. Next, we evaluated the enrollment/educational process. It was evident that the process needed improvement. For example, new hires were simply given a packet of information upon hire, with no follow up at or near actual entry. Educational meetings were held after hours, resulting in poor attendance.

We designed a more involved, hands-on process, including quarterly lunch meetings. New hires were required to attend. This hands-on approach resulted in increased participation of almost 30%. Contribution rates increased as well, which in turn provided a passing grade for the ADP test.