Case Study:
Apparel Manufacturing
CLIENT PROFILE:
Industry Type: Apparel Manufacturing
Geography: Central Pennsylvania
Number of Employees:126
Plan Type:401(k) Safe Harbor Plan
The Challenge
The Recommended Solution
Formalizing the plan committee with specific goals for the 401(k) plan would motivate participant behavior while reducing plan fiduciary liability.
Selecting a new provider would effectively engage and communicate with plan participants.
Initiating plan design changes, including automatic enrollment and a safe harbor contribution, would provide greater profit sharing flexibility.
Group educational meetings held throughout the year would help improve employee understanding and action.
One-on-one planning sessions would educate employees on their retirement benefit and help them feel comfortable during the transition and diversifying of investments.
Expected Results
- Participation after enrollments increased.
- The number of employees on track to retire successfully increased.
- A financial wellness program was introduced.
- Participants attended a one-on-one meeting and received a personalized action plan.
- Highly compensated employees (HCEs) were able to maximize their tax-deductible contributions.
*Disclaimer: Each individual firm’s situation is unique. The case study illustrated is for educational purposes.
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