In an effort to increase participation rates among its clients and their employees, SCI Companies has enhanced its 401(k) solutions. The company hired a new investment advisory firm, RBF Capital Management, Inc., to begin offering open architecture plans to its clients.
These plans give employees the flexibility to design their own retirement plan from a greater spectrum of investment options. Another benefit of open architecture retirement plans is the total transparency associated with provider fees.
“The future of deferred retirement plans is fee transparency and customization,” said Rafal Baranski, CEO of RBF Capital. “The ability to identify and track plan expenses, customize plan choices and modify investment features will now give the Plan Sponsor complete control. A retirement plan is not a commodity, as in ‘one size fits all.’ Rather it should be an important employee benefit tailored to suit the Plan Sponsors goals and needs.”
RBF Capital has formed partnerships with two well-known retirement and financial industry giants. ExpertPlan will take over plan administrator and recordkeeping duties and MG Trust will become the plan custodian and clearing platform.
SCI Companies delivers outsourced HR solutions to small and mid-sized companies, taking responsibility for many of the client’s HR administrative functions. With SCI’s PEO solution, small business owners and entrepreneurs minimize costs and maximize efficiencies via a complete HR outsourcing model known as a co-employment relationship.