Background 

Every institution or Plan Sponsor offering a 403(b) retirement plan to its employees has a plan document filed with the IRS that specifies the features and rules of the plan. Our Client, one of the top three 403(b) Plan Providers in the U.S., provides recordkeeping services and plan document consultative services to their 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, our Client was struggling to find 403(b) Plan Document Compliance resources to help them 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 at a cost not to exceed a specified budget.

Solution 

Using its 20 years of retirement/pension experience and extensive network, SynergisticIT was able to locate and qualify plan document experts with the appropriate certifications (QPA, QKA, CPC, CRSP) and experience drafting plan/summary documents. These resources had experience with systems such as Relius, ASC (McKay Hochman), DGEM, and the DATAIR DC Plan Administration system.

SynergisticIT was selected over eight other suppliers by working with the Client to determine its exact, specific needs and providing a proposal that was deemed most creative and responsive. Our proposal put forth a mix of resources that fit the Client’s needs better than those originally requested by the Client at a cost that was under the specified budget.

SynergisticIT worked with the Client to develop a staffing plan. Within one month, all four resources were on-boarded and working on the project.

Results 

With the help of the SynergisticIT team, the Client is on pace to meet the March 31, 2020, Plan Restatement deadline for its 15,000 clients. SynergisticIT has helped centralize the preparation of plan documents and expand the consultative services offered by the Plan Provider.

If you are a Plan Provider and you need assistance with 403(b) Plan Documents, call us today at 732-379-4140 (or email us at info@synergistic-it.com) and ask to speak to one of the Managing Partners.  We would be happy to help you.