A business owner asks SYM,
“How far will you go to protect and grow our employees’ retirement plans?”
“We progress when we think more and better.” Plato
We take care of the plan. We take care of the sponsor. We take care of the participant. While this may not roll off the tongue as easily as some marketing phrases, it explains everything SYM does to service retirement plans.
To illustrate, a SYM client (a company) didn’t pass their year-end deferral testing. This testing is conducted by the Third Party Administrator (TPA) in order to assure compliance with all applicable discrimination guidelines. Not passing meant that a portion of the money employees thought they had saved in their 401(k) plan would have to be returned to them, resulting in lower than expected contributions that year.
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.