ForUsAll works closely with plan sponsors to offload crucial and time-consuming responsibilities during and after the conversion process.
San Francisco, CA (PRWEB) October 18, 2016
Today, ForUsAll, the technology-driven 401(k) advisor for small- and mid-sized businesses (SMBs), announced features that help plan sponsors struggling with their existing plan’s fees, lack of payroll integration, administration headaches and low employee participation. ForUsAll’s powerful advisory and technology platform lets plan sponsors seamlessly upgrade their plans to a low-fee system that not only connects HR software with the 401(k), but that also frequently offers higher fiduciary protection, and proven employee engagement rates of close to 90 percent.
“Since the beginning of Q3, the average conversion plan that we’ve won has had assets of over $3 million,” said ForUsAll CEO Shin Inoue. “These plan sponsors are choosing us as their advisor and technology partner because they are struggling with employee participation and administrative management. We wanted to make it easier for companies with existing plans to upgrade to ForUsAll, so we we developed a way to remove the hassle by using our expertise and technology platform to manage the full conversion process end-to-end - and get employees into a better 401(k) plan.”
Whereas most 401(k) advisors place the burden on the company’s HR and finance teams, ForUsAll works closely with plan sponsors to offload crucial and time-consuming responsibilities during and after the conversion process. ForUsAll offers a number of features that make managing a plan at scale simpler, such as payroll integration, deconversion, and personalized investment advice from a 401(k) fiduciary. On the employee side, ForUsAll provides automated employee onboarding, the ability to make changes in participation, and view their account balance and performance - all via mobile and online, and scaled according to company need. All of these elements combine to create a simple, effective experience, which in turn increases participation.
In fact, participation rates in ForUsAll’s plans average 89 percent, with an average savings rate of 7.4 percent as of September 2016.
Key components of ForUsAll conversion process include:
*Integration with over 30 cloud-based payroll systems
*Provide benefits analysis to determine recommended plan design
*Identify and help to resolve compliance issues
*Work with recordkeeper to complete deconversion package
*Seamless handoff of 401(k) loans from old recordkeeping platform to new one
*Roll out communication with employees, including an introduction to “DAVE,” ForUsAll’s award-winning virtual advisor
*Delivery of plan notices
*Administrative tasks - review project timeline and current plan documents, draft termination letter, send blackout notices, create census file
For a complete list of features, please visit https://www.forusall.com/product/.
ForUsAll provides 401(k) options for small and mid-sized businesses across multiple industries, including retail, hotel, nonprofit, professional services, and manufacturing. To learn more, please visit http://www.forusall.com.
ForUsAll is a next-generation small- and mid-sized business 401(k) advisor. ForUsAll was founded to help bridge the current retirement gap facing the United States by radically simplifying the 401(k) so that it’s easy, hassle-free, and inexpensive for any company and its employees. Through its unique, user-friendly combination of investment expertise and HR technology, ForUsAll’s powerful advisory and technology platform allows SMBs to offer responsible investments, educate employees, stay compliant, and meet their fiduciary responsibilities all in one place. To learn more please go to http://www.ForUsAll.com.