Client: |
Safety Surge* |
Business:
Employees:
Plan Assets:
Ownership: |
Manufactures surge protectors for electronic equipment
350 full-time, 12 part-time
$6.5 million
Publicly traded on the NASDAQ |
Situation: |
Lynette Jones, VP HR, has got to find ways to streamline administration if HR is going to support the expected 60% growth over the next 3 years. With two more acquisitions in the works for next year, she realizes that HR must spend a greater percentage of time on more strategic consultative tasks.
The company's retirement plan is one of the areas she’s targeted for re-evaluation. But the employees wouldn’t stand for less personal attention, and they’ve already complained that the current 401(k) plan is so confusing they don’t know what investments to choose. At this point, Lynette feels like she could stand a little advice herself, so she sets up a meeting with a local Financial Advisor. |
Solution: |
ADP 401(k) Plans – for Mid-Sized Business
The best of both worlds – use a financial advisor to help choose the investment portfolio, and ADP as 401(k) plan service provider to lighten the department’s load.
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Value Added: |
- Save time and money with automated data transfer, money movement and census gathering for compliance reporting. Streamline processes even more 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 ADP ERISA support.
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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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