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The monitoring of the compliance requirements of 401k plans sometimes relies on the employer and an out-sourced vendor working in tandem. Examples of this arrangement include certain mutual fund bundled plans that require the employer to compile and submit payroll and contribution data on diskette and forward the diskette to a mutual fund company for processing. This arrangement splits the labor costs between the two entities involved. 401(k) Pro, Inc. sees this as a natural market for 401(k) Enginuity because it utilized the employer’s labor to keep costs in line, and 401(k) Enginuity highly automated functions would make this pre-existing arrangement between plan provider and plan sponsors more efficient, convenient, and cost –effective. |
