Case Study
When a Generous Plan Design is Paired with Great Service, Your 401(k) Plan Comes Alive
The Client
- Headquartered in Charleston, South Carolina
- Greater than 200 employees
- Very generous 401(k) plan with low engagement
- Began working with the Rebalance BetterK solution in July of 2023
The Problem
- High costs: some obvious, some hidden
- Low participation
- No excitement about the plan
- Poor customer service for the employer and the employees
- Advisor on plan not present
- No outreach to help employees
- High turnover within workforce (30%)
- >50% of employees are remote
- Large hourly population
Solution
Within the first six months we saw a:
& More!
-
46%Decrease in Costs
-
10%Increase in Employee Participation Levels
-
>15%Increase in Employee Contribution Levels
& More!
- Blue Sky plan administrators experienced a time savings of 2+ hours a week
- Employees became comfortable interacting with the BetterK team
- The Rebalance team raised the employees' level of excitement about the generous plan sponsored by their employer