A 401(k) conversion in a flash
Lancaster, PA- Eurofins is an international life sciences company whose labs provide analytical testing services in the food, pharmaceutical, environmental, agroscience and consumer product industries. Because of the nature of their work, the company’s labs are staffed 24/7 to better serve their clients. Eurofins recognizes its employees as its greatest asset. An emphasis is placed on simplifying employee benefits so that time and effort can be spent on satisfying clients.
In April of 2011, Eurofins acquired Lancaster Labs. During this transition, Eurofins had a very short timeframe to set up all new benefit plans for approximately 1,500 employees. Within this process was the company’s 401(k) plan that they needed to convert from their former plan. Transitions of this size and complexity can typically take up to three months, but Eurofins needed their new 401(k) plan in just two weeks from the point that they first contacted Conrad Siegel.
Conrad Siegel met with Eurofins’ leadership team and clearly identified the goals and objectives for the company’s transition. The 401(k) plan was to be converted with no disruption to the Eurofins’ staff and all employees were to be enrolled in the plan without missing a pay period.
Conrad Siegel’s recordkeeping team worked around the clock to set up the new plan design, create materials, craft a summary plan description, and hold open enrollment meetings as a part of a comprehensive communication strategy.
“One of the challenges that we faced in the two week period was the need for employees to roll over their funds,” said Margaret Stoltzfus, Eurofins, Vice President of Human Resources. Conrad Siegel was able to develop a unique plan that would allow the funds to be seamlessly transferred over with no disruption to the Eurofins staff. “This was such a smooth and simple process for us and a very creative suggestion on their end that made our process simple, not only with the initial plan set up and conversion, but for the many integrations we’ve done since that time.”
Conrad Siegel completed the transition of Eurofins 401(k) plan in two weeks. Eurofins’ 401(k) plan participants experienced a seamless transition in which their plan was converted over the course of one pay period. Employees were educated on the details of the new plan and their funds were transferred over in a straightforward process.
Since the initial conversion, Eurofins has gone through many other acquisitions and Conrad Siegel has served as a partner along the way. An emphasis is placed on exceptional service and making it simple for new employees to enroll in the plan and understand its provisions. This simplified process allows Eurofins’ employees to focus on serving their clients.
“What I’ve enjoyed the most about working with Conrad Siegel is their enthusiasm. Every time I pick up the phone and feel like I’m throwing a new challenge their way, it is not a problem. They are enthusiastic, they are creative, and they are very committed to meeting our needs regardless of the turnaround times, regardless of the size, and regardless of whether it is something they have handled before or not. They come up with a solution for us. They have been a great partner.”Margaret Stoltzfus, Vice President of Human Resources