Name: jeff kuzmich - Migrate_FA_401k_Participant_Data_12042025_5091143
Uploaded: 2026-02-26T05:53:54.103Z
Duration: 32 min
Description: jeff kuzmich - Migrate_FA_401k_Participant_Data_12042025_5091143

Transcript for "jeff kuzmich - Migrate_FA_401k_Participant_Data_12042025_5091143": Hello, and welcome to four zero one k Participant Data, Capturing Money in Motion. My name is Daniella, and I will be your host for today's session. First, please note that the primary audio connection for today's session is streaming via your computer, and there is no dial in option. Be sure to check your speaker volume to ensure your computer audio is turned on and set to an audible level. To refresh your webinar browser session, for a PC, press f five key, or on a Mac, press the command r key. Let's take a closer look at some of the other important features. To download and print a copy of today's deck for future reference and to access additional resources, please refer to the files and resources window at the top right of your console available at any time during the event. If you have questions during today's webinar, you can send them via the ask us a question window. To submit a question, simply write in your question and click submit. We hope to have time at the end to answer some of these questions live, and we'll be sure to follow-up with everyone shortly following the webinar if we don't get them live. Please note that this presentation does not constitute legal or financial advice and is for informational purposes only. And now let's meet today's speakers. Our first speaker today is Michael Nash. Mike's long and successful career in the retirement industry has been in both management and sales. Prior to joining Paychex in 2021, he held leadership roles at Lincoln, John Hancock, and AllianceBernstein. With his decades of experience and in-depth knowledge, he helps plan sponsors create a more stable retirement for themselves and their employees. We also have Christine Leiden joining us today. Christine brings over seventeen years of experience in the retirement space with Paychex. As a product strategy manager, Christine collaborates with both internal and external teams to analyze market trends and industry updates, helping to shape the short and long term vision for Paychex retirement products. And now with that, I will hand it over to you, Mike, to get us started. Danielle, thank you very much. What you have in front of you is a slide of kind of what we're going to cover today. So really what it comes down to is the evolving landscape in wealth and retirement. You'll see the next slide will give you some headlines about that. It's all stuff you've heard before and it seems to be one of the more recent topics that a lot of conferences and seminars are going over. But participant events, what they are, what they reveal. Challenges in data and reporting. Obviously, is a very important thing today and getting good clean data is of the utmost importance. And then lastly, is going to do the demo of the PageSpec Flex Advisor Console. So, we're looking forward to that because we just launched it today and we're all pretty excited about it. So the evolving landscape, as I said a few minutes ago, this is I mean, if you look at Plan Sponsor, The Wall Street Journal, Plan Advisor, pension, everywhere you go today, and as I said, I've probably been to six or seven conferences in the last year and a half where this was a feature topic or a breakout session or kind of a combination of both. But everyone's trying to figure out how to take a retirement plan and be able to get the wealth out of it. I've been in this industry for about thirty five years and people have always said if you mine a four zero one ks correctly, there's 3x or 4x or 5x. I've earned as much as 10x capability. Well, there's definitely some opportunities. We're going to cover that in a few minutes and couple of new slides, but the opportunity is there and I think for those of you on this call, this is a great way to do it. So why now? Well, I think just from a standpoint of consumers and participants, there's a demand for bundled services, consumer anxiety about not having enough to live in retirement. You're seeing that every day, they're learning it. And I think you're really looking at an untapped potential in defined contribution plans. I think the next slide will really prove that to you. We have the increase in small plans. We've all read about it. You're seeing a significant increase in startup plans. On top of that, you have the state mandates. You have probably 30 plus states today that either have a mandate or in the process of or have proposed, with others probably soon to be following. And really what that does is it brings in a new generation of savers. So that's just going to help grow the opportunity as we all get older. So here's the opportunity. Today, roughly a third of all household assets are in retirement plans. Personally, I thought that would have been a little higher. But the next number here, 40,000,000,000,000. This is a record. It's an all time high, but $40,000,000,000,000 are in retirement plans today. And this is truly the money in motion. This money is not going to stay in a retirement plan at some point in the next decades this money will be moving out. And I guess you're on this call because you want to find out a way to participate in that opportunity. And hopefully we're going to help you through that process. So, we said a slide ago, a new generation of savers. You have the millennials, Gen X and Gen Z, millennials are 85% of them are in a retirement plan. Sorry, I just said 82% of Gen X and 72% of Gen Z have retirement plans. So those numbers are increasing. And if you look at the top of the slide, a quarter of Americans are saving for retirement in their 20s and 30s, earlier than the baby boomers. Fortunately for me, I'm still in one of those. I think I'm Gen X, but I'm not really sure. HENRIES. This is a term that I recently learned what this acronym means, but it stands for high earners, not rich yet, workers 40 with high income and little savings. Well, we probably all know someone in that category. And then lack of savings. This is once again for everyone on this call probably not a shocker, but a third of workers today have less than $50,000 in savings for retirement. And the last point here is that a third also believed that investments are the way to build wealth. I thought that would be higher, but the surveys are the surveys. So, really what it comes down to is engaging plan sponsors and participants. That's really what I think is really going to help you build your business and really be able to build your wealth opportunities. How do you do that? I think it's really expanding your client base. Just on a side note, we just created a presentation here that our wholesalers now have access to that is all about expanding your client base. So if you would like more information on this after this, please feel free to talk to one of our wholesalers. They all have access to this. So second point, being able to increase your profit margin from advisory fees, redefine the advisory role. I think that's really important today, especially with the expanded focus on wealth. And then stay competitive with a more holistic approach. It's just once again, just trying to build that practice and take it from there. Now, this has been a really interesting year for Paychex from a technology standpoint. We're going to talk about the participant notices in a few minutes, but there have been a few other technology enhancements that I just want to make sure everyone's aware of. First is three sixty Payroll Integration. For decades to get access to Paychex's four zero one ks, you had to have Paychex payroll. And that was for decades. And that was just the norm the way it was. Well, this year we made a change and we opened it up. So now we work with the numbers now over 110 different payroll vendors where we have three sixty integration. So it's not a requirement to have Paychex payroll anymore. So once again, we've been able to use technology and enhance our offerings. Below that, the quick and easy plan set up. We take in about 2,000 plans per month. We set them up and we've got the technology down that with startup plans, we can get them set up within about two days. So as long as everything is good in order, we can get that done quick. No more waiting in the queue or weeks or months, we can get it done in forty eight hours. And that's really helped us drive a lot of business. From a sales opportunity and strategic support, we really want to focus our efforts on the advisor business. We have expanded our wholesalers. We now have 21 people in total dedicated to the advisor channel, all licensed. And we really want to partner and that being said, we have probably been one of the biggest referrers of four zero one ks plans to advisors over the last couple of decades. We're actively right now discussing with our clients that don't have advisors and we're explaining the benefit of what an advisor does. I mean, we've done the research, these are stickier, they have better outcomes when there's an advisor involved. So we're doing our best to truly partner with our advisors and where we can make introductions, make referrals to you guys. And when we're doing this, this is typically not on startup business. This is typically being done on existing plans and typically there's a minimum of about a half million or a million. So, we're trying to give you guys opportunities to build, grow your business with Paychex. Our PEP. Our PEP started the first day that it was available I think in 2021. It's got right now a little over 42,000 adopting employers and it's close to 2,600,000.0 in assets. And we just have one path. This is the one that's been successful. And the one thing I want to stress is that we didn't see this. We didn't transfer any plans in. This is all new business coming in. We take in about 22,000 startups a year, then about 3,000 conversions. About 60% to 70% of the startup plans are actually going into the PEP. So, we're definitely seeing that opportunity growing. And the last thing we're going to talk about here is really what the focus of today is the wealth opportunity with notifications. Really excited about this. Christine and her team have done a great job of getting this together and on time, which is I think is obviously a great thing today. Over the last three months, we have probably presented this solution to probably about 35 broker dealers and RIA firms. Some of the firms that you all work with and work for. And I can tell you that I've been part of many rollouts at my different career with different companies. And I can tell you, I've never had a rollout of a service or a feature like this that has been so widely accepted. I wrote down some of the comments that we've gotten from some of the broker dealers and RIAs and here's just a sample of some of them. I wish more record keepers were doing this. One in particular just three weeks ago said, finally a record keeper we don't have to compete with for rollovers. And once again, think that just gets back to we don't compete with you from a wealth standpoint. We have no businesses at all. So we're just looking at this as a way to kind of help you build your business. Some of the other comments we got were excellent, very cool, amazing. Our advisors will love this. Really interesting and game changer was one that I thought was interesting. That came from one of the managing directors of a large broker dealer. And the presentation that we were doing at the time said in the first slide, game changing technology. And after the presentation, he said, I have to tell you that when I saw that in the beginning, I said, well, everyone uses the term game changer. But he said, I really think you guys hit it with this one. This is a game changer. Our advisors are going to love this. So with that, let's talk about just data and the gathering of the data and getting this information to you guys. The participant data and reporting challenges. I mean, receiving timely and accurate data. I mean, that's a challenge. I mean, the only real way you guys can get it for the most part is if a TPA or a record keeper tell you about it. And sometimes that data is not timely. Sometimes, the events have already happened in that regard. From our standpoint, because we are the record keeper, the administrator, otherwise known as the TPA and the payroll provider, we probably probably the best data in the industry in that regard. And we really have a really good understanding of how to utilize it. Access to participant contact information. Also another challenge. I mean, it's great someone tells you, a TPA tells you or a record keeper tells you that John Smith terminated with a $200,000 balance, well, how do I contact him? The challenge is sometimes no one has that person's information or is not allowed to give it out. We typically have all that data on our system because of the record keeper, administrator and payroll vendor. So, we're probably looking at 7080% of having that correct data and then make it available. And then lastly, developing a process engaging participants. Once again, based on the things I just kind of said, this is always kind of a challenge. So we're hoping that this tool will help you develop a process that will really help you drive the wealth business with your four zero one ks plans. Now, these are the notifications that we came up with that we were launching, I should say. We didn't come up with them, advisors did. We surveyed roughly a good portion of the 11,000 advisors that we currently work with that have plans and paychecks. And we asked them what was important for them from a standpoint of a wealth opportunity, but also how do we increase or improve participant outcomes? And so these are the eight. The first five are really participant wealth opportunities and then the last three are participant outcomes. The first one, which is no surprise, probably the most popular was wealth opportunities with participants over a set amount that has a terminate date entered. Obviously, having this data is important. The other thing is this notification system is going to enable you to set thresholds. So you might say that, I only want to know about participant rollover opportunities that are or termination opportunities that are over a certain threshold. You'll be able to customize that in this program. The next one, participants with balances over set amounts meet qualifying events, retirement age, RMD, all important data. Typically, hopefully at this point, these people have higher balances. A highly compensated employee or a key employee has a status change. They're now highly compensated or now a key employee. Participant has reached plan's retirement age. Then the last is, as said, as I already mentioned, participant has identified as median RMD. These are obviously all wealth opportunities for you. And this is the first eight that we're launching. Next year, we're probably launching another set of these, but these were the ones that the advisors really thought were the most important. And from a standpoint of improving participant outcomes, participants are newly eligible, not enrolled, or are enrolled, you're now going to be notified of this. Participant is 100% invested in money market fund or stable value, probably a little too conservatively invested. And then the last part is they're eligible for catch up contributions. So these are once again, these notices you're going to have the ability to customize this and this information will be sent out to you. We're not going to send the personal data. We're going to send an email to the events and this is what it's going to look like. So this is the customization slide. I know it's a little challenging to see, but you're going to be able to set the thresholds for not only the asset amount, but how often you want to receive these notices. So for rollovers, you can set a threshold that let's just say it's a 100,000 and you want to be notified on that weekly. Let's say for a newly enrollment or something like that, you want to be notified monthly. If you look on the left hand side, the email frequencies are quarterly. It'll be the January 1, April, August or October. It could be monthly, biweekly, weekly or none. Some of these notices you may not want for one reason or another. So you have the capability of really customizing this. And this is going to be across your whole book of business. So if you have five plans or 10 plans or 30 plans, you do this once, it'll go across your whole book. The other thing I want to point out is you're not going to need a client signature in this regard because this information that we're offering here is all available to you today through our portal. But the challenge is getting that data. I mean, guys are busy folks and you don't always have the time to go in and mine this data. So you don't need customer approval or signature on this because it's data that we already are distributing to you through our service agreement that we have with them. So, is what the email would look like. In this situation, this advisor chose for biweekly and in this situation they will receive an email that says five termination dates set for participants with balances above the threshold that you select. Two participants are now considered highly compensated and 27 participants will be eligible within five days. So this is, and then at the bottom you would see view details. You would then go and this is where you'd go to our portal, you put in your PIN and password and you come in and this would be a listing of all of the events that have happened. And you can work from this or you can also see the download. You can also download this into an Excel spreadsheet and take or download it into your own CRM program. So, is, I think as I said earlier, this is really a game changer in that regard. It's really going to help you guys really build that wealth business and do it in an easy way or an easier way, I should say. So, is what the portal looks like. And I'm sure most of you have already seen this. We think it's really going to streamline the plan administration and also the service. In this regard, I think from an advisor standpoint, nothing's going to get, you're not going to miss anything in that regard. And you can get this data as often as we showed before. It's going to accelerate the wealth management process as well as those opportunities. We think it's definitely going to enhance participant outcomes. And it's once again, a single source for your entire book. We were at a seminar a couple of weeks ago and I was talking to a couple of advisors and the advisor really kind of, we talked about it. He came up later on, actually was the next morning after we had talked to him. And he said he really liked this idea because he wants to use this as a sales opportunity. What his thought process was, was that he can tell a plant sponsor that in the sales process nothing's going to get missed by him or his team. In other words, they're going to be able to notify, they're going to be notified when someone has a certain situation, taking a little bit of pressure off the plan sponsor because they don't have to worry about notifying anyone in that regard. They're going to be notified about all the things that are happening in that regard. So that's the program. As I said, we're really excited about this. And what I'm going to do now is hand it over to Christine to go over the demo, and you can actually see what this looks like. Thanks. Thanks, Mike. I am super excited to share with you all our new enhancements. But for those of you on the call that may not already be familiar with our Advisor Console, I'm going to do a quick overview of the entire site as well, so that's where we're going to start. For those of you that do have Paychex accounts but don't use our Advisor Console today, your first step is really going to be just getting a form, setting up your username and password. That's submitted over to us. We'll get you set up with an account, and then once you're logged in, you're brought here to our Advisor Console dashboard. So from the initial login here, you can see we've got a bunch of quick hitter information really about all of your plans under management here with Paychex. I'm going to save the best for last, although Mike just gave us a sneak peek of everything. So starting with the plan overview, this will show you how many plans you have with paychecks, match amounts on the plans. If you wanted to get a little bit more information about specific plans, you can click into View Plans. You'll get a list of all your company accounts. Again, just with some quick hitter information, you can see plan balances here. And if you want to get more details about the specific client account, you can click in here. This is a rolled up view, so easy to read view of anything you might need for help with questions on the plan itself. We've got plan participation, contributions, plan details. You can go as far as to see money in each investment, participants with balances and their contribution rates, plan documents, and contact information. One of the new features that we did roll out in May, which I'm also very excited about, is let's say you're working with a client. They might be using Paycheck Flex themselves. They're on their site. They can't figure something out about their plan. They call you. They need some help, or they just want some more specific details. We've made that very easy for you now. You can go into this client view on the left hand nav, and you can actually see exactly what the client's seeing. So this will help for client questions, or if you just need more details than we're showing you of your rolled up dashboard, you can go in, get plan information, employee information, and drill down into each account as well, and it's exactly what the client sees. The only difference is you won't be able to submit any changes here where your client will be able to address compliance testing if they need to resubmit their 5,500. So that, again, was released in May, but it's a new feature for us. Also coming back to the dashboard, a couple other things to mention. Investment wise, we'll show you your total assets under management. And if you wanted to see them by investment or by participants or plans with that investment, you can do so in this section. Let's click through here so you can see it. And then if you're interested in researching any type of investment lineups that we offer here at Paychex, you can do this through the Paychex Index. And Reports here, these are your reports, fee payment reports. This is where you can access that. For client reports, again, you'd have to go into either the client view or into the view plans to get the client level reporting. All right, last but not least, I know Mike already showed us a little bit of this, but I just really wanted to drill at home. This is what we're really excited about what went out this morning. So if you do have a Paychex account, you can log in and even follow along with me if you want right now. What we've done here, you'll see in the top right corner where your name is, you've got a new option. It's called User Preferences. That's where all the settings are held. What Mike was talking about, where you can set your frequency and your threshold, we've actually done this for you. So what you're seeing on my screen here right now, if you have an existing account with us, this is how we've set it up as of today. If you prefer different frequencies or different thresholds, just log in, click on User Preferences, and then hit this Edit button, and you can set it to anything you want with different options. So you're going to have options for daily, weekly, biweekly, monthly, quarterly, or never. So you can make that decision and do what you'd like here. But if you don't do anything, you will start receiving some emails from us on Monday. We've set the terminated with a balance threshold. That's the one that everybody will begin seeing Monday if you do have an account with us. So when you get your email from us Mike showed you the email you can click right into the email, and you'll be brought over here to this new participant events page. This page is sorted right now by the most recent event, and we've made it super easy for you to get right to the data that you need for the participants. That was one of the big things that we heard as we went around and we talked to everybody. It's great, you're going to notify me about these events, but I really need to be able to take immediate action on it. So if we take that terminated with a balance user again and we look at this event here that generated, this person would have been over that $10,000 balance threshold. That's why it's showing in my screen. If I click in here, I can easily see how to contact them. I've got their phone number and email. Anything that Paychex has for them, you've got here in your console and at one click from the Events page. A couple other things that Mike called out for us, too. Right now, you can sort in the page. So you can sort each one of these columns. In January, very soon, we're going to be introducing some filters at the top here. So if there is only specific things you want to search, you'll be able to do that with our next release in January. But we wanted to get this out for you for the end of the year because we knew it was important. But in the meantime, instead of the filters, we do have the download functionality. The download will pull for you all of your events that are on the page, and it will also pull for you the participant information, so you'll have the rolled up picture of not just the events, but how to contact the participants as well at your fingertips. That's really a quick and simple overview. We are super excited to launch this participant event. Please go in, set your settings if you don't want the ones that we gave you, but we're excited for you all to begin using this tool. Thank you, Kristi. And I know we are coming up quickly on time here, so we just have a couple of more points we want to make sure we're covering with you all today. First, if you would like to speak with a member of our regional wholesale team about building your book of business with these new advisor plan management tools like participant events, you can just go ahead and click yes on the screen here, and your regional wholesaler will reach out to you directly. All right, and as we're nearing on time, we do want to honor that, and if you need to go, we understand. But to those who have more questions, we might take a few minutes just to answer a couple here now. One of the questions that I think might be for Christine here is, how instant are the real time notifications coming through? Yeah, great question. We are running daily processes, so if you want the most up to date information and you want to know what's happening every day, set your settings to daily, but they are real time. As soon as we get them, as soon as we process them, we can notify you of that. Excellent. And we did also get a couple of questions about having more than one advisor on the console for the plans, and with the email notifications in particular, can those go to an assistant in addition to the advisor? As far as access and the setup goes, you'll just have to set up one username for each email if you want different settings and you want both emails to be notified. So it's possible. It's just you would need to set up a username for each different email address. Excellent. All right, and if you had a question that we weren't able to answer, as I said in the beginning, we will make sure someone from our team reaches out to you to be able to get you those responses. And thank you again, everyone, for joining us today. As a reminder, you can access a printable copy of the presentation deck in the files and resources window on your console, along with other related resources on today's topic. We've also linked a quick one page document that kind of gives an overview of the advisor plan management tools and participant event notifications. If you can spare a few minutes as we close, we'd love your feedback on a brief survey that will pop up. Your response helps us to improve our financial advisor webinar series. Thank you again, everyone, and have a wonderful day.