But the tables are beginning to turn. Their assets may be small or nonexistent, but their demands are anything but. But Baucom wondered how long its much sought-after workers would remain satisfied with the plan.
Workers are now able to join the plan any time, instead of waiting a full year.
They also can make changes to payroll deductions any time, not just once a month, and, instead of dedicating staff to fill out forms, employees do it all online. Small plan sponsors have certainly faced their share of challenges. Pro President Jim Gilbert first targeted the small plan market 15 years ago, providing traditional services at the Pension Service Association in Los Angeles. The program is not much different from Quicken Quick Books or Turbo Tax. Participants are privy to a brokerage window offering choices from Schwab or another discount broker of their choosing.