401(k) Systems Assessment

Managing 401(k) programs has become more complex as options for employee benefit offerings increase, government regulations evolve, and the burdens of manual processes and vendor shortcomings bring greater risk of payroll mistakes and other errors.

Evaluate your current 401(k) operations—around all touch points of your systems—with assessments from our professionals that can empower your organization to meet objectives. Assessments can provide insights to help enhance data management and support faster, more accurate communications across systems—whether your organization must manage rapid growth or the disparate needs of multiple subsidiaries.

With enhanced insights and understanding of your 401(k) operations, your organization can then determine potential steps and opportunities that can in turn preserve financial and personnel resources, boost employee satisfaction and company reputation, and create bandwidth for key teams to better focus on value-add goals and initiatives.

How 401(k) Systems Assessments Support Your Organization

401(k) systems assessments can help identify and eliminate current pain points that prevent your benefits or payroll program from operating seamlessly to serve everyone in the organization.

With trouble spots identified, you can consider solutions such as streamlining processing, automation options, or building customized tools to help:

  • Reconcile processes between HR, payroll, and vendor systems
  • Reduce administrative and Excel strains, costs, and time and resources spent managing data
  • Avoid penalties of IRS regulatory and noncompliance issues
  • Enhance benefit offerings
  • Support employee requests and questions about benefits to enhance engagement, experience, and retention
  • Avoid communication gaps and present KPIs to leadership

How the Assessment Process Works

Collaborating closely with your management and benefits teams, our professionals will guide and support you throughout the process:

  • Discovery. Interview key stakeholders to understand and evaluate current processes and systems.
  • Document. Leverage information from interviews for proper documentation and to map out workflows as well as associated impacts, costs, and levels of concern of identified issues.
  • Review and Revise. Confirm accuracy of documentation with stakeholders and make any necessary updates.
  • Report Delivery. Provide report outlining findings of the assessment with insights to pain points and proposed solutions and options to address challenges with considerations of time, costs, complexity, and return on investment.

Expansive 401(k) Systems Assessment Experience

Deeply immersed in more than 30 industries, our professionals provide solutions specific to the nuances, challenges, and operations of the sector in which you work—while customizing plans to meet your unique needs.

Many of our team members are certified equity professionals and award recipients from the Global Equity Organization (GEO). We’re experienced in the equity compensation sector and monitor trends and operations of 401(k) vendors.

We don’t simply provide templates or toolkits; we proactively determine appropriate solutions that help build foundations for long-term success—so you’re prepared to embrace and stay ahead of change.

Our one-firm approach allows your organization to tap into the full resources of our firm, integrating guidance and solutions related to other integral support areas including tax, payroll, and compensation needs.

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