Feb 15, 2017
Newport Group helps an insurance company sucessfully roll out a 401(k) plan benefit for the company's newly acquired employees.
Situation
The client had an objective of building a national presence through continued acquisitions. In fact, it was closing multiple acquisitions each month. The company needed a solution to provide 401(k) education and enrollment to accommodate new eligible employees and keep the company’s 401(k) plan in compliance. Some of the requirements the company needed for this solution included:
- Supporting multiple acquisitions (pre- and post-close) on a daily basis with little to no lead time
- Quickly establishing rapport and trust with the owner of the acquired company
- Scheduling webinars and creating custom enrollment presentations, integrating the appropriate effective dates, key plan provisions, and investment overview
Solution
Newport Group developed a comprehensive process that provided the client with a custom solution that included:
- Development of comprehensive education materials delivered via interactive webinar, in some case multiple webinars in a given day (recorded as well)
- Scheduling of enrollment windows specific to the terms of each acquisition, resulting in deferrals commencing in the first paychecks issued to the acquired company by the client
Outcome
The defined process resulted in the delivery of consistent, quality results for more than 130 acquisitions over the course of 36 months. Our solution positioned Newport Group to directly contribute to the client’s business objective. Newport Group also demonstrated our commitment to the client, resulting in the development of a deeper, long-term relationship.
Fast Facts
- Client: Insurance Company
- Plan Type: 401(k)
- Plan Assets: $155 million
- Plan Participants: 3,450
- Client since 2010
How we helped the client
- Directly contributed to the client’s business objective
- Successfully supported the completion of 130+ acquisitions in a 36-month timeframe
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