Background

Every institution or plan sponsor offering a 403(b) retirement plan to its employees has a plan document filed with the IRS specifying the plan’s features and rules. Our client, one of the top three 403(b) plan providers in the U.S., provides recordkeeping services and plan document consultative services to its clients, the plan sponsors.

Problem

In 2017 the IRS ruled that all 403(b) plans must be restated by March 31, 2020, to meet new document guidelines. As a plan provider, the company was struggling to find 403(b) plan document compliance resources to help assist their clients meet the plan restatement deadline. The plan provider issued an RFP to nine suppliers, seeking a company that could provide the best team of resources within a specified budget.

Solution

Using its 20 years of retirement/pension experience and extensive network, SynergisticIT located and qualified plan document experts with the appropriate certifications (QPA, QKA, CPC, CRSP) and experience in drafting plan/summary documents. These resources had experience with systems such as Relius, ASC (McKay Hochman), DGEM, and the DATAIR DC plan administration system. Working with our client to develop a staffing plan, all four resources were on-boarded and working on the project within one month.