The Problem
A Retirement Plan Administrator’s most significant worry is changes in the volume of transactions due to business changes.
- Spike or dip, processes must continue to remain time-bound and error-free.
- Under-investing into plan administration bandwidth can result in delays, errors, penalties, and a poor customer experience. On the other hand, over-investing in capacity directly impacts profitability.
- To make matters even more complicated, hiring, training, and retaining knowledgeable and experienced retirement plan administrators is a constant drain on time and resources.