Advisor Firm Helps Regional Bank Deliver Positive Change

East Granby, CT – Advisor Firm Helps Regional Bank Deliver Positive Change

Today, the Retirement Advisor Council shared a case study illustrating the difference a Professional Retirement Plan Advisor can make for employers and their workforce. Gouldin & McCarthy, LLC  of Basking Ridge, NJ worked with a regional bank to improve their retirement plan offering. The bank, with 350+ employees and $30M in plan assets, wished to make changes to their plan that would benefit all employees and offer cost-efficient savings.  

Case study posted HERE.

Mike Gouldin and Dan McCarthy of Gouldin & McCarthy,LLC were asked to help develop a solution to close an existing DB plan while leveraging a DC plan to continue offering competitive benefits in a cost-effective manner. They were also asked to enhance the overall benefits as the bank grew and increased staff.

“It was a positive perfect storm. The bank achieved its goal of removing market risk and funding gyrations for the DB plan. They now have a predictable benefit expense in the 401k plan that helps employees get to a savings level so they can retire with dignity,”  Mike said. "And the bank executives deserve a lot of credit. Their heart was in the right place, and they agonized over finding a solution that didn’t hurt employees or the bank in the long run. In terms of helping improve the retirement readiness of employees, we pride ourselves on using all the different levers, including plan design and participant education. In this case, all the levers worked.”

The Retirement Advisor Council is a national organization that advocates for successful qualified plan and participant retirement outcomes through the collaborative efforts of experienced, qualified retirement plan advisors, investment managers and defined contribution plan service providers.  To advance its mission, the Council undertakes initiatives in the areas of research, public relations and promotion, general public education, regulatory positions and practice management.  The Council accomplishes this mission by:

  • Identifying duties, responsibilities, and attributes of the Professional Retirement Plan Advisor.
  • Sharing professional standards with plan sponsors who are responsible for the success of their plans.
  • Providing collective thought capital to decision makers, product providers, legislators and the public.
  • Giving voice to the retirement plan advisor community.
  • Offering tools to evaluate advisors to ensure the quality of services provided.

Learn more about the Retirement Advisor Council at www.retirementadvisor.us