Thursday, July 24, 2014



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A growing concern for many employees is their ability to be prepared for financial security during retirement. We are acutely aware that our clients and their employees are growing increasingly concerned about the adequacy of Social Security to provide any resources for them at retirement. Therefore, an integral part of the retention of key employees is the ability for firms to work with their employees in offering programs geared towards meeting the financial retirement goals of the employees.

In designing and implementing a retirement plan strategy, the number of participants and total plan assets can be critical factors in determining the right plan offering. We offer a strategy that can work with almost any size plan.

Our plan offerings include:

  • A single family of funds approach that can be offered to new plans or plans with under $1,000,000 in plan assets.
  • Group annuity contracts are available for clients that want more than a single fund family approach.
  • Our open architecture plan design is among the most sophisticated in the nation, and sits at the pinnacle of the latest in plan offerings. Under this approach, clients can build their individual fund selection offerings from over 15,000 mutual funds.  This provides greater flexibility in selection of fund types and the number of funds being offered to participants.  In addition, under an open architecture structure, the additional costs included in the group annuity product offering are eliminated, thus providing the participant with a lower cost structure and better investment returns.

PenPay provides full retirement plan administration services including creation of the Plan Summary, Plan Documents, Investment Policy Statement, and all related enrollment materials. As a function of our total product offering, PenPay also offers online enrollment and 401(k) account management to the plan sponsor and to plan participants.


An integral part of any company sponsored retirement plan is the ongoing administration of each plan. The goal of PenPay is to ensure that the plan represents the needs of both the sponsoring entity and the participant. Therefore, we devote a significant amount of time to platform delivery, plan design and implementation.




The plan's delivery platform represents the first branch of the design process.  It also represents the most important decision the plan sponsor must make relative to the ongoing satisfaction of plan participants and the overall adoption rate and success of the plan.  PenPay offers several platform options.  All of our delivery platforms offer the following:

  • Daily valuation
  • Web access
  • Daily switching
  • Voice access
  • Multi-fund complex choices

A properly selected platform is the result of making an informed decision based on a working understanding of the various technologies, costs and specific functionality of each platform.



Our experienced conversion team works with Clients and their prior service provider to ensure that all functions related to plan implementation are handled with minimal client involvement. Our staff of benefit consultants is committed to the seamless implementation of qualified benefit programs.

  • Perform data collection, forms, etc.
  • Take necessary steps to implement plan with selected vendors
  • Coordinate payroll setup
  • Communicate accounting procedures and process
  • Install an administration platform that provides:
    • Voice response setup
    • Web site setup
  • Communicate instructions to participants regarding VRU/Web processing
  • Conduct introductory meeting with appropriate client team/contacts
  • Prepare and deliver administrative manual to client on CD-ROM
  • Prepare individual enrollment binders for each eligible participant to include:
    • Summary Plan description
    • PowerPoint slide presentation
    • Questions & Answers
    • Plan Document
    • Enrollment Forms
    • Investment materials
    • Third party analytics data