401(k) Plan Price Match Guarantee Debuts at Human Interest
On the heels of a unique customer service guarantee rolled out last year, 401(k) provider Human Interest today unveiled a price march guarantee, which it is calling an “industry-first commitment to match the total cost of any verified offer from a competing retirement plan provider.”
Simply, if a business receives a lower verified offer for a comparable retirement plan, Human Interest will match or beat it, dollar for dollar. If Human Interest fails to match the total annual documented cost of the competitor, the company will compensate the organization with a credit to the plan for the amount of the difference.
“The retirement industry has been plagued by hidden or opaque fees and complex pricing structures that make it nearly impossible for businesses to know if they are truly getting a fair deal,” said Rakesh Mahajan, Chief Revenue Officer at Human Interest. “We are cutting through that complexity. Our Price Match Guarantee is a commitment to our customers for price transparency—no one will beat us on the total cost of managing their retirement plans.”
The San Francisco-based 401(k) provider said in a press release today that the new price match guarantee is designed to eliminate the anxiety and guesswork associated with selecting an employee retirement plan. Rather than isolating one or two services, Human Interest said the guarantee applies to the total financial commitment an organization makes for administration of a retirement plan, ensuring the total cost of administration of a 401(k) will be the same or lower than a customer’s existing or alternate provider.
The Price Match Guarantee covers all expenses associated with retirement plan administration, including:
• Annual administration fees: The primary costs associated with operating the plan.
• Per participant fees: Fees paid per participant, which can often be opaque.
• Transaction fees: Costs related to plan restatements, loans, distributions, or other employer or participant-initiated events.
• Asset based fees: Service fees based on the plan’s total assets.
• Annual large plan audit fees: Costs for an independent auditor to audit the operations of a company’s retirement plan, ensuring compliance with regulations.
“This guarantee is a testament to the efficiency of our modern technology platform and our commitment to disrupting the low-service, high-cost model of legacy providers,” Mahajan added. “Business owners deserve to focus on their growth, not on deciphering complex fee schedules or worrying about overpaying for their employees’ retirement benefit.”
The Price Match Guarantee follows a series of innovations from Human Interest, including the elimination of transaction fees, the first-of-its-kind money-back Customer Experience Guarantee, and enabling more efficient large plan audits through automation with Audit Relief.
Founded in 2015, Human Interest has helped provide retirement benefits to employees at over 40,000 companies and counting.
SEE ALSO:
• Human Interest Doubles Down on Unique Customer Service Guarantee
• Human Interest Debuts PartnerConnect
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.