Business owners know that the key to recruiting and keeping quality employees is offering a strong retirement and benefits package, but keeping track of all the moving pieces is a full-time job. That’s why our business clients trust FutureBenefits of America (FBA) to shoulder the fiduciary burden on their behalf. As a full-service third-party administrator and record keeper, we partner with businesses to manage the details of defined contribution and multiple-employer benefit plans so they can offer their employees competitive 401(k) benefits without the headache of maintaining the plan.
The following case study demonstrates how we handle the complexities of managing 401(k) plans while providing recipients with the flexibility and personal attention our business clients are looking for in a third-party administrator.
Background Info
One of the small businesses we serve at FBA is Kale Trucking Inc.—an affiliate of a global leader in the transportation and logistics industry. With a heavy focus on bulk transportation, this company is dedicated to attracting and keeping the best truck drivers in America. Offering attractive 401(k) benefits is one way they demonstrate their commitment to their employees and we are proud to be a partner contributing to their success.
The Challenge They Were Facing
KALE Trucking Inc. came to us because they wanted to provide a retirement savings plan that matched the level of service and excellence they’re known for in the industry. They wanted to give their employees the ability to customize their plans and choose their own investments without losing the personal touch and attention to detail that is sometimes lost with the bigger providers. Giving plan recipients the freedom to log into their accounts directly to observe performance or make changes was a top priority.
Our Solutions
We came alongside KALE Trucking Inc. to construct a plan that meets the needs of the company and its employees, including the preparation of IRS Form 5500. From there, we got to work creating the plan document that directs how the plan operates, allowed provisions, etc. The company’s point of contact worked one-on-one with one of our specialists to go over plan specifics, answer questions, and ensure compliance at every turn—especially with year-end reporting, uploading payroll, and managing employee information. The process is clearly communicated from the start and we make ourselves personally available to answer any additional questions that may arise.
In terms of on-going maintenance, we monitor compliance, reporting, deadlines, and any other regulations that must be met. Plan recipients are able to log into our secure network and view their portfolio at any time while we keep the lines of communication open, providing updates and being available when they have questions or need extra help.
The Results
As a result, KALE Trucking Inc. now offers attractive and affordable 401(k) plans to their employees, giving them the freedom to make financially responsible decisions towards their retirement. Moving forward, we continue working on their behalf, mitigating the complexity, liability, and cost, which enables them to offer a retirement plan that’s right for their unique situation.
FutureBenefits of America enables employees to have a better retirement by knocking down the barriers and overcoming the obstacles that stand in the way of implementing a successful 401(k) program. If you’re just getting started, or have experience but need questions answered fast, give us a toll-free call today. We would love to put our expertise to work for you.
Next Steps:
Schedule a call with us today and we can answer any questions you have.
Download Our What is an Open MEP? Guide for FREE
Are you providing your employees with the best retirement option?
In this Guide you'll learn:
- The benefits of choosing Open MEPs vs. traditional 401(k)s
- How open architecture investments are better for you and your employees
- Why spreading out fiduciary responsibility is a good thing for everyone