Advisor Helps Dental College Improve Retirement Plan for Employees
- Created: Monday, 12 September 2016 08:45
East Granby, CT – Today, the Retirement Advisor Council offered a case study illustrating the value a new advisor can bring to an employer seeking to improve their retirement plan.
Today, the Retirement Advisor Council offered a case study illustrating the value a new advisor can bring to an employer seeking to improve their retirement plan. Baystate Fiduciary Advisors, Inc. of Boston, Massachusetts partnered with a regional dental college to improve plan design, boost employee participation, and establish quarterly plan performance monitoring.
The dental college selected Gregg Andonian and his team at Baystate to assess their retirement plan and recommend an improved solution. By first analyzing the plan’s design, Baystate was able to identify the lack of employee participation was primarily due to the generous non-matching employer contribution. Rather than require higher participant contributions—something the client wanted to avoid—the solution included a comprehensive new employee communication campaign and on-site education program that promotes the benefits of higher participant contribution rates.
Case study posted HERE
“We listen to our clients and look forward to customizing a plan design and working approach that benefits everyone, especially their plan participants,” Andonian said. “Low participation due to a generous non-matching contribution is typically solved with an adjustment to the match formula—but the client was adamant about keeping its commitment to employees. We heard that and implemented new education that successfully increased employee contribution rates.”
Since bringing Baystate Fiduciary Advisors on board, the college has seen significant improvements in employee contribution rates and revived interest in their retirement plan.
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.