Fiduciary Outsourcing has one goal – to help lighten your load, reduce your liability and make it easy for you to focus on your business rather than administrative tasks of your retirement plan.
Many retirement plans we service include an automatic enrollment feature. If your plan does, Fiduciary Outsourcing’s Reminder Service may be very helpful.
Automatic Enrollment usually runs fine when it’s first implemented and an HR/payroll staff person is well trained. It can easily get off track if that person is out or leaves. The risk is that if the process doesn’t happen or doesn’t happen on time, participants can legitimately complain about lost savings, match contributions, and more. Dealing with this situation can quickly get expensive. We can help.
When you elect this service, Fiduciary Outsourcing will:
Send your designated contact an email reminder 45 days prior to an automatic enrollment date about enrollment materials that should be provided
Send your contact a reminder email 5 days prior to the automatic enrollment date that newly eligible participants who have not completed election forms should be automatically enrolled
In the event the email is returned (usually due to the termination of your contact), we will notify your TPA (E&P or OPCI) to reach out to help determine who is responsible for automatic enrollment going forward and make sure your staff is properly trained on this process