Improve the 401k – Move from Manual to an Automated Deferral Process.
At the conclusion of The Plan Sponsor University (TPSU) Program at University of California Berkeley, Fred Barstein, Founder and CEO of TPSU, interviewed Ms. Deborah Beyea, Deputy Director of a Non-Profit organization in the bay area where she serves the organization by heading the Human Resources, Finance, and Legal departments.
Upon joining the organization Ms. Beyea analyzed the organization’s 401k plan processing and how it interfaced with payroll. She realized she had inherited a manual process between Payroll and 401k deferrals. She knew there was an opportunity to improve the 401k. The efficiency was realized by moving from a manual payroll process to an automated deferral process.
The automated payroll with 401k deferrals for the organization’s 58 employees has worked well since the conversion.
As a result of this, TPSU Program the firm will also be looking at improved practices around 401k education for employees.