Meeting our clients’ expectations is all about commitment to process. The more clearly and precisely we define our processes, the fewer the errors and the more efficient the process. When we extend this approach to all aspects of our operations, we create a scalable operating company capable of rapid, efficient growth.
As 401(k) third party administrators, our work is highly specialized but it is nearly identical for each of our clients. For example, we process payroll withholding deferrals for all of our clients. The process we use for each client is identical, varying only by the number of employees and the amount of the transactions. Get it right and efficient for one client and it is right and efficient for all clients by using the same process.
We measure our success against our own internal standards. We share those metrics with our clients and prospects to ensure their complete confidence with our experience and ability to deliver quality, reliable service for all their 401(k) plan administration needs.
Key service standards include:
- Payroll Processing: Employee Fiduciary has a dedicated team handling approximately $17 million and 3,300 payrolls per month, using automated ACH and data validation. We hit our service standards – same day on 97.4% of our cases, 99.3% after one business day and 100% in two business days.
- Distribution Processing: Our service standard is to initiate all requests within three business days, and to complete processing on all requests within 15 business days. We process approximately 540 requests monthly with a 100% standard for all distribution requests received and qualified in good order.
- Testing and Plan Compliance: Each year Employee Fiduciary performs compliance testing on all plans requiring non-discrimination testing. This procedure creates a natural bottleneck of work as the vast majority of plans have a calendar year end and deadline for testing of March 15. Since 2010, Employee Fiduciary has completed work for approximately 2,400 plans. We have completed 100% of these tests on time for plans in which we have received client data in a timely matter.
- Form 5500: Most employee retirement plans are required to file an annual return with the IRS describing contributions, tax status and fees paid from the plan. Employee Fiduciary has successfully prepared thousands of annual filings for our clients.