Solutions to Increase Employee Participation
A law firm with about 200 employees wanted to increase participation in its 401(k) plan. Only about 25% of employees were participating in the plan, which had no employer match.
Because of the client’s complex structure, we suggested a safe harbor plan. We created proposals, recommended an investment advisor and conducted an employee meeting explaining the new plan’s benefits. The result: Participation more than doubled. The value of contributions increased from a total of $230,000 to $20,000 per payroll or about $480,000 annually. Because of the positive result, BKD was asked to create a mirror plan for another enterprise owned by the client. |
Employee Benefit PlansBKD’s benefit plan team provides design, administration, audit, tax, investment and consulting solutions to help you offer and maintain the right mix of benefits for your employees. We also can help you with regulatory compliance, plan operations and day-to-day advice for a wide range of plans. BKD consults with and administers nearly 1,200 plans and audits more than 800 plans.
BKD is a member of the American Institute of Certified Public Accountants’ Employee Benefit Plan Audit Quality Center. The Center’s member firms have demonstrated a commitment to employee benefit plan audit quality and to raising awareness about the importance of such audits. The Center provides members with best practices, guidelines and tools CPAs need to perform quality benefit plan audits and better serve their clients. As a member, BKD has a designated partner who is responsible for overseeing the employee benefit practice, establishing firmwide quality control programs, performing internal inspections and making available the firm’s peer review report findings. BKD TeamOur benefit plan team includes highly credentialed accountants and consultants who focus on employee benefit plans. These experienced and knowledgeable team members can help you comply with Department of Labor and ERISA filing requirements. They understand how employee benefit plans work, make benefit plan services a priority and work with your schedule to complete services within a mutually agreeable timeframe. BKD SolutionsOur proven solutions and expertise demonstrate our goal to deliver practical, timely and affordable services. Here are just some of the solutions we can provide:Types of Plans
BKD is sensitive to rules governing the delivery of a mix of services. Our accountants and consultants can work with you to identify employee benefit plan services that will help you achieve your goals while complying with governmental regulations. * Solutions performed by BKD Wealth Advisors, LLC, an investment advisor registered with the Securities and Exchange Commission and wholly owned subsidiary of BKD, LLP, providing the WealthPlan services of investment management, personal wealth planning, estate planning and insurance solutions For More InformationContact your BKD advisor or:Greg Cole Marketing Manager 417.831.7283 |
