Company Mergers Takes Focus Off 401k
Client type - 401k plan
Issues - a couple of mergers over the years has doubled the size of the 401k plan. The mergers have taken all the attention away from the 401k plan. New HR person came on board a year ago and this person initiated the thorough analysis of the plan.
Client ended up transitioning plan to a new record keeper-saving about 25% in fees and increasing the potential investment results with a more robust investment fund lineup. In addition, the client hired an adviser that was registered to act as a fiduciary thus taking a lot of the fiduciary liability from the plan away from the investment committee.
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