Onboarding new client for a company creating custom 401(k) plans

1

Gather necessary information from the client
Form Fields
- Contact the client and collect the following information:
  company name
  
  company size and number of employees
  
  employee demographics - age, salary, and employment status
  
  plan sponsor(s)
  
  plan eligibility requirements
  
  matching and contribution options
  
  employee communications preferences
  
  past 401(k) provider information, if any
- Management approval
  Sent to management for approval
  
  This is an example of a second group of checkboxes
2

Create a custom 401(k) plan
Based on the information collected, create a customized 401(k) plan that meets the client's needs and preferences.
Steps involved in creating a custom plan are:
- Create an initial proposal for the plan design and pricing.
- Select appropriate plan sponsors and investments that align with the client’s goals
- Create an employee communications plan for rollout to the client's team
- Finalize the pricing and create a service agreement
- Send the plan proposal and pricing agreement to the client for review and signature.
3

Implement the custom 401(k) plan
After the client has signed off on the plan, follow these steps:
1. Setup the plan and coordinate with the payroll vendor for employee contributions.
2. Verify the rollover of any former 401(k) plans if necessary.
3. Conduct a training session for the client's staff on administering the plan through an online system.
4. Monitor the plan closely and make any necessary updates or adjustments.

Gather necessary information from the client

Form Fields

Create a custom 401(k) plan

Implement the custom 401(k) plan