Bryson Challenges PEO and Wins Again with $500,000 in Savings
The Client
Digital Payment Solutions Company 250 Employees and 2 Separate Locations in the Midwest.
The Scenario
Two companies joined as one unified brand. Company #1 was using a PEO and Company #2 was with a broker. Should they consolidate their plans under the PEO model one company was already currently with, or would they get more competitive rates and richer benefits by unbundling with Bryson as their broker?
Discovery
Bryson Wealth Management engaged the company in a due diligence review – a deep dive that asked questions they had not been asked previously. The discovery uncovered a number of concerning issues and missed opportunities. Most important, the structure of the company retirement plan placed a high level of fiduciary liability on the company. Additionally, employee participation in the plan was below industry benchmarks, creating contribution issues for highly compensated employees
Solution
When merging the two companies, the goal was to minimize impact and provide a competitive benefits package to their employees while keeping costs down and streamlining HR processes including their payroll, benefits enrollment platform, and 401k integration.
THE RESULTS
Bryson was able to consolidate the two companies onto one plan while setting the company up with better technology, seamless integrations, rich benefits, and an account management team dedicated to their needs from start to finish.