Client: |
Precision-K Tools* |
Business:
Employees:
Plan Assets:
Ownership: |
Machine shop for aerospace and medical tools
30 full-time, 2 part-time
$475,000
40 years, by father and son, Gerald and Jake Kazlowski |
Situation: |
Gerald believes in keeping his employees happy, as replacing even one of his highly skilled machinists is expensive. Early in the business he started a profit-sharing plan. Later on, Gerald worked with the same local Third Party Administrator (TPA) who helped custom design the profit-sharing plan to establish a 401(k) plan. Gerald has a great relationship with the TPA.
As CFO, Jake has been streamlining administrative processes, including outsourcing payroll to ADP. Recently, he's been trying to sell his dad on switching the 401(k) plan to ADP, also, to take advantage of the data integration between ADP's payroll and 401(k) services. But Gerald does not want to let go of the relationship with their current TPA. |
Solution: |
ADP 401(k) Plans – TPASelectSM Program
Maintain the high-touch relationship and on-going consulting of the local TPA, while benefiting from ADP’s diversified objective investment choices, motivating participant communication and education, and experienced recordkeeping service.
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Value Added: |
- Save time and money with single input, two-way data integration between ADP Payroll Services and ADP Retirement Services.
- Increase participation rates and contribution levels with motivational behavior-based communication, customized workshops and ADP’s highly ranked participant Web site.
- Employer can proactively manage plan needs and changes, as the business changes, with the local TPA.
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* This case study is presented for illustrative purposes only. The hypothetical situation above represents a composite of the typical challenges that face many of ADP’s clients for this product. All client and company names are fictitious and any relation to actual names is coincidental and is not intentional.
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