Case Studies

Case Study for Retirement Plans


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Strategic Consulting

While working with a sophisticated not-for-profit medical journal, Summit’s on-going consulting services were instrumental in this partnership. The plan had three programs when we took over; a frozen 403(b), a 401(k) with a match feature and a defined benefit pension plan. In the pension crisis of 2002 we advised the client on freezing the defined benefit plan, helping them avoid a significant plan underfunding. We also worked closely with the client to ensure that participants close to retirement were/will be made whole upon retirement. We have since amended the Defined Benefit plan twice to improve benefits lost and added funding to the 401(k), further enhancing the retirement program. Also, when regulations changed, we pro-actively consulted with the client and added a 457 plan for executives to be able to defer additional compensation into a qualified plan.

The preceding are hypothetical case studies and are for illustrative purposes only. Actual performance and results will vary. These studies do not represent actual clients but a hypothetical composite of various client experiences and issues. Any resemblance to actual people or situations is purely coincidental.