Case Study – Challenges with internal recordkeeping staff

• Bank Trust Department
• 50 retirement plans
• 4,500 employees
• Bank had a staff of 5 performing internal recordkeeping functions

The bank trust department had been providing retirement plan services to their market place for 20 years. They developed the service model with an internal staff to perform recordkeeping and operational functions. As the bank grew over the years, they had placed a large amount of responsibility on one individual. Unfortunately, that key staff member accepted a position with another firm and only gave the bank two weeks’ notice during the busy compliance season. The other members of the recordkeeping staff while capable from a support perspective, did not have the level of expertise and experience required to maintain the operation. Once the key staff member left, the service levels dropped off resulting in errors that cost the bank significant losses and an increase in plan sponsor complaints!

Retirement Direct reached out to the prospect and developed an action plan to convert their book of business on to our platform. We developed a strategy to convert the data in an efficient and seamless manner designed to minimize the impact to the plan sponsors and their participants.

Through the successful execution of this action plan, the bank trust department saw the following results:

Improved satisfaction from plan sponsors with a higher level of service

• Reduction in overall cost – by outsourcing to Retirement Direct, the bank was able to:

    - Reassign the remaining staff to other departments reducing labor expense
    - Eliminate software expense
    - Reduce operating expense
    - Reduce occupancy expense

• Increased time developing and attracting new business

• Improved technology offering

• Increased of their competitive advantage in their marketplace.

• Focus on their core value proposition