What happens your employees’ retirement savings are inadvertently invested in the wrong fund?

The challenge

Recently, a client made a change to the composition of the pre-packaged portfolios in the investment menu they offer to employees in their retirement savings plan, resulting in the transfer of assets from one fund to another. Accompass conducts an independent reconciliation when changes are made to an investment menu to ensure member accounts are updated correctly. In this case, our reconciliation determined that some of the members had their assets inadvertently transferred to an incorrect fund.

The Accompass touch

We quickly worked with the record-keeper to correct this issue and after the quick resolution we helped prepare a communication informing the affected employees.

The outcome

By conducting our independent reconciliation the error was caught early, preventing any major issues for the client or their employees and transparency and employee trust were preserved through strong and open communication from the outset.