If you look at the makeup of the ForUsAll employee team, you’ll see that a large percent of our team came from two companies: Financial Engines and Zenefits. The former is the largest registered investment advisor in the US, and provides 401(k) advice to Fortune 500 companies. Zenefits is one of the largest HR Software companies, focusing on connecting human resource systems and automating HR tasks.
401(k)s are surprisingly complicated benefits to administer. Business executives in charge of their company’s defined contribution plans are often surprised that various aspects of this benefit are regulated by the Department of Labor (DOL), the IRS and the SEC. That’s a lot of governmental oversight! And correct 401(k) administration requires careful attention to payroll systems, recordkeeping systems, plan documentation and more. It’s no wonder that nearly 75% of 401(k) plans audited by the DOL were either fined, received penalties or had to make reimbursements for errors.
Our founders realized that helping small and middle market businesses safely manage their retirement benefits required an intense focus on:
Give your employees more than just a 401(k), join the movement.
