Conrad Siegel worked with an international organization that operates within the life sciences industry, supporting clients across multiple sectors. Because of the nature of its work, operations are staffed 24/7 to ensure responsive support. The organization recognizes its employees as its greatest asset, placing an emphasis on simplifying employee benefits so that time and energy can be dedicated to delivering exceptional client service.
Challenges
In April of 2011, the organization completed the acquisition of another company. During this transition, the organization 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 this company needed their new 401(k) plan in just two weeks from the point that they first contacted Conrad Siegel.
Solution
Conrad Siegel met with the client’s 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 organization’s 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 the client’s Vice President of Human Resources at the time. 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.”
Results
Conrad Siegel completed the transition of the company’s 401(k) plan in two weeks. 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, the company 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 the organization’s employees to focus on serving their clients.