Two Strategies Companies Can Use to Reduce Risk and Plan Administration
A rapidly growing company in the senior care market was looking to re-duce the recordkeeping fees for their $10mm 401K plan having recently received a price increase notice from its record keeper. In the process, we helped them reduce compliance risk and outsource most of the plan’s ad-ministration.
- Reduced compliance and fiduciary risk by signing on as a 3(21) investment fiduciary and hiring a 3(16) plan administrator
- Reduced the company’s administrative burden
As part of the transition process and an added bonus, we:
- Helped a plan substantially increase employee participation by introduc-ing auto-enrollment at 6% (along with a new match), improving the potential for hundreds of employees to enjoy a more comfortable and successful retirement.
- And reduced plan expenses and fees by 20% in the process
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