Key Accomplishment
Created a 401K Committee and Analysis ProcessSituation:
After many years of having the same 401K benefits provider WEST decided to go to market and consolidate the benefits of the seven SBU’s under its umbrella. The current 401K provider was under performing and not providing the necessary fiduciary compliance required by new laws.
Action Plan:
- Determined goal of benefits package to assess change for new restructured benefits package
- Performed in depth review of plan documents and determined necessary changes
- Determined new legal requirements for fiduciary 401K vendors
- Created listing of requirements to assess new providers against
- Interviewed multiple vendors and researched claims by interviewing current clients
- Assessed vendors online presence, determined to find best solution for employer reporting options as well as participant access to data
- Developed fiduciary committee, including committee guidelines and investment policy
- Created processes and procedures for investment committee quarterly meetings including fund performance requirements
Results:
By switching 401K provider, we were able to increase fiduciary compliance, reduced both employer and participant fees by 10%, while increasing reporting availability for the different funds. Participants had greater online access to their accounts while the employer portal provided greater access to plan reporting.