Case Study: Improved Non-Discrimination Testing

Enterprise Iron Financial Industry Solutions, Inc.
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BUSINESS PROBLEM

Our Client, a mutual insurance company located in the United States, needed additional temporary staff to assist during the busy non-discrimination testing season.

The volume of plans that required non-discrimination testing presented our Client with challenges due to existing resources and staffing models.

Our Client used a variety of systems and processes dependent on each unique internal team.

Resources were needed who possessed requisite skillsets to perform a temporary task and meet defined compliance testing deadlines.

OUR SOLUTION

Enterprise Iron planned and implemented the following:

1. Provide the correct resource

  • Associates well versed and experience with performing non-discrimination testing
  • Contributors with experience using various systems and processes
  • Associates with an in-depth knowledge of retirement plan regulations and compliance rules

2. Deep dive in processes

  • Networked with management, team members, and internal partners to understand processes and systems used for reporting, scrubbing census data, performing tests, and calculating employer contributions
  • Determining best practices to align and communicate delivery of work performed
  • Review and scrub employee census data and prepare final census to run tests
  • Confirming the proper internal handling process of all confidential data
  • Master systems, processes, and methods used for compliance testing
  • Optimizing gaps with staffing issues to support those that need the most assistance

3. Resolved significant challenges that arose

  • Our Client acquired a boutique recordkeeper with a large book of business. As part of the transition, the staff and plans of the acquired company continued with the same systems and processes used for non-discrimination testing, which is different than the non-discrimination testing systems and processes our Client used.
  • Each entity also utilized their own IT group. This provided its own set of challenges given different IT groups, testing platforms, and unique processes. The future goal for this Client is to have the same IT team, processes, and systems for the entire non-discrimination team

Below are some challenges that arose and the applicable workarounds we provided:

  • Delayed initial system platform and software set up because the IT team was in the process of internal unit and role changes. We helped onboarding by identifying the systems needed and contacting IT resources to resolve matters and begin testing productivity
  • Within each unique group, not all team members followed the same exact process, and met with multiple co-workers to determine best practices
  • Our Client’s customers submitted the census data in various formats, and some did not provide all the information needed to prepare the census report to run tests, which required working out any issues to correct discrepancies
  • Analyzed and scrubbed the census data to perform non-discrimination testing was a detailed and manual time-consuming process, especially for plans with a large participant count. This required reviewing validation errors and providing detailed notes on the final census report to perform testing along with insuring there is backup should questions arise
  • Engaged management regarding experience and discussed solutions to improve efficiency

4. Performed quality review

  • Maintain meticulous diligence in all tasks, ensuring error-free work and contributing to improved accuracy, quality, and overall productivity within the teams, ultimately enhancing the reputation for excellence, along with achieving individual team goals and service levels
  • Kept track of delivery timing and communicated updates in the Client’s tracking systems
  • Saved all work and backup as leave behinds in applicable shared drive

 

RESULTS & CLIENT BENEFITS

We successfully assisted our Client’s non-discrimination testing teams.

Our team received positive feedback from the Client, thereby enhancing our Client’s reputation and goodwill among its own customers and within the industry.

Client Testimonial upon project completion:

During our busy non-discrimination testing season, we needed help due to some turnover. I reached out to Enterprise Iron, and they were able to help us with experienced professionals in a matter of weeks. These professionals came in ready to work and understood our testing systems. Thanks to Enterprise Iron for their help in making sure we were able to hit important compliance deadlines.”