The average advisory firm might have said “Okay, let the client know the results, then process the appropriate returns to the participants.” SYM’s Employer-Sponsored Retirement Plan team did not immediately accept the failing grade; instead, they took time to review the test and see if anything could be done.
In doing so, they recognized an opportunity for an alternate testing option not attempted by the company’s TPA. SYM gathered some additional data from the client, ran a preliminary test, and saw that the alternative method would pass.
The result? Fifteen employees did not receive an unwelcome check in the mail, refunding their 401(k) deferral dollars. Instead, they were allowed to keep all their contributions in the plan for the future, and the employer was saved paperwork and administration time. While not every testing scenario will end this way, in this case, putting together a team of people with a client focus, technical expertise, and inquisitive minds allowed SYM to serve a client uncommonly well.
Disclosure: The above scenario is for illustrative purposes only and is not intended to depict an actual client or circumstances. This material is not financial advice, an offer to sell, or a solicitation of an offer to purchase any security managed by SYM Financial Corporation (“SYM”). The opinions and assumptions expressed herein are those of SYM Financial Corporation (“SYM”) and are subject to change without notice. SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM including our investment strategies, fees, and objectives can be found in our ADV Part 2, which is available upon request.