ESC is committed to continuously work to improve our service offerings so that our clients have access to the very best products. For that reason, we are excited to share an update on our new 401(k) retirement plan.
Last summer, we began a thorough and systematic evaluation of our 401(k) retirement plan. Based on client feedback and market trends, we completely redesigned the offering. We used a six sigma process improvement approach so that we could ensure the very best outcome. This resulted in significantly reducing the cost while increasing service level. The new plan went live on January 1st, 2018 and has just wrapped up its most successful quarter in ESC history. If you haven’t looked at our new 401(k) retirement plan offering yet, here are the highlights:
- Significant reduction in costs (over 40%) through improved operational efficiency
- Customized retirement planning from a team of local retirement experts at Dopkins Wealth Management
- Continued dedicated local support and technology through ESC and Mass Mutual
- Incorporation of more competitively priced mutual funds
- Increased plan flexibility and features
- Fiduciary services to reduce risk for employers
Call us to see why more companies are choosing our new 401(k) than ever before. We are offering a complementary plan comparison for current ESC clients. Our plan comparison will determine how much we can save you and your employees in fees which can result in increased returns. For example, a 1% decrease in annual fees over an investment time of 40 years has the potential of $590,000 of increased returns.
To learn more, please contact Bill Warren, Benefits Assistant Manager: firstname.lastname@example.org / 716-932-6874.
Our 401(k) Team
In addition to the dedicated ESC Benefits Team, ESC’s 401(k) plan model is made up of the following partners:
Plan Advisor: Dopkins Wealth Management
Dopkins Wealth Management, LLC (DWM) is a Registered Investment Advisory (RIA) that is comprised of a team of financial professionals working together with our employees to achieve their investment and financial objectives. They believe in delivering unbiased, transparent, evidence-based advice. They believe every investor is unique — requiring custom, comprehensive wealth management solutions. Consequently, there is no one right portfolio, just one that is right for you.
TPA: Pinnacle Financial Services
Pinnacle Financial Services is nationally recognized as a leading TPA for PEO 401(k) Plans. They were the first TPA to receive the American Society of Pension Professionals & Actuaries certification of best practices for record keepers. Pinnacle assists ESC in year-end plan testing, mid-year plan testing, document creation and compliance related matters. Their systems and best practices provide our plan participants the highest level of accuracy and system controls.
Record Keeper: MassMutual
For over 60 years, MassMutual has been recognized as a financial industry leader in business retirement services. MassMutual Financial Group is a family of companies owned by Massachusetts Mutual Life Insurance Company (MassMutual).