An HR Director at Plan Sponsor Company with 150 employees that performs specialized medical testing talks about changes the Company made in selecting a new Record Keeper. The Company which is a controlled plan replaced their Record Keeper two years ago.
Upon making the change, she explains that the Company uncovered “compliance gaps” with the old Record Keeper. As a result, the Company realized that there was a need for a larger HR staff. In the process, she explained that there was also 100% turnover in the entire HR staff in order to become more effective.
The change to the new Record Keeper also affected changes on the Committee. She explains that working more closely with the new vendor, they helped to construct a committee that was more effective. The Record Keeper made recommendation on potential committee members, such as representation from various parts of the organization such as: finance department (CFO, Human resources as well as others in an effort to strengthen the committee.
The Company says they have resolved the past compliance gaps that existed under the old Record Keeper and that they taken a more proactive position overall in their approach top their benefits program.
