Retirement Operations Efficiencies and Cost Savings

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• 31 complex Retirement projects “non-stop” in the last 15 years give Saluti Cahn an understanding of Retirement industry “Procedural Best Practices.”

• Identification of efficiencies at the lowest level of procedural processing (keystroke) realizes FTE cost savings.

• Saluti Cahn also identifies and implements procedural-level controls that have a positive impact on Client retention.

• Saluti Cahn uses detailed procedural-level workflows as analysis tools. Workflows are detailed, step-by-step procedures in a graphic format.

• After an operational procedure has been dissected and analyzed, “Industry Standard Best Practices” methodology, efficiencies, and controls are implemented.

• Then, Saluti Cahn can produce hyperlinked Word document procedures as an end product. These updated, documented procedures can then be used for staff retraining and reference.

Advantages of Using Saluti Cahn

Saluti Cahn strategically limits the number of projects accepted, enabling the principals, Dr. Dean Saluti and Marjorie Cahn, to be at the Client sites working with their staff at all times. Dr. Saluti personally conducts procedural-level workflow analysis. Marjorie Cahn personally reviews, tests, and edits completed Word document procedures. Dr. Saluti and/or Marjorie Cahn personally conduct issues/problem resolution sessions. This ensures superior-quality output.

Retirement Operations Efficiencies and Cost Savings Projects:

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2008 to 2009:  Vanguard Retirement Services

After only five months, Saluti Cahn identified significant operational efficiencies, resulting in 90 potential FTE cost savings – approximately $4.5M. Dissected and documented all assigned critical Recordkeeping operations procedures in order to implement controls and Industry Standard Best Practices.

Reference: Kristina Harris (610-669-8188)

2007 to 2008: Pentegra Retirement Services

Dissected and documented all assigned critical Recordkeeping procedures (over 100), implementing controls and Industry Standard Best Practices. Significant FTE cost savings were also realized through efficiencies identified.

Reference: Gwen Burroughs (914-821-9430)

2006 to 2007: Lincoln Financial

In the first three weeks of assignment, Saluti Cahn identified 9+ FTE cost savings in the Fort Wayne, IN New Business, Participant Call Center, and Transaction Research Units. All Saluti Cahn efficiencies, controls, and Industry Standard Best Practices recommendations were implemented by Lincoln. The Fort Wayne, IN New Business Unit realized a 50% reduction in Plan conversion time.

Reference: James Racine (260-455-4944)

2005 to 2006: MFS

Saluti Cahn reduced the time required for new Plan conversion by more than 50% and created efficiencies, controls, and Industry Standard Best Practices for the New Business Unit. Technical, single subject matter expert (SME) procedures, such as Customized Pricing and Plan Document Creation were dissected and documented. FTE cost savings enabled MFS to allow attrition to reduce headcount.

Reference: Catherine Manganese (617-954-6812)

2005 to 2006: Wachovia, Retirement Fees Unit

Dissected and documented over 70 Fees procedures in order to implement controls and Industry Standard Best Practices. Significant efficiencies were realized.

Reference: Angie McDaniel (704-590-8771)

2003 to 2005: FASCore Retirement Services

Dissected and documented several hundred procedures, implementing efficiencies, controls, and Industry Standard Best Practices. Developed the data element Field design for an upfront Web application to be used by both the Plan and FASCore for new Plan setup data entry. This project also reduced the data entry Fields by identifying irrelevant Fields, duplicate data elements, and those Fields that should be hardcoded.

Reference: John Fellin (303-737-1229)

2002 to 2004: BISYS Retirement Services

Dissected and documented all assigned critical Recordkeeping operations procedures in order to implement efficiencies, FTE cost savings, controls, and Industry Standard Best Practices. Significant FTE cost savings were realized.

Reference: Shannon Kelly (215-648-4811)

1999 to 2001: Charles Schwab Retirement Services

Dissected and documented all assigned critical procedures in order to implement efficiencies and controls for both the Call Center and operations. Responsible for the “debugging” and implementation of Schwab’s Self Directed Account processing (PCRA), integrating Recordkeeping (Akron, OH), Trading (Phoenix, AZ), and Trust (San Francisco, CA).

Reference: Dean Kohmann (330-908-4167)

Serving the Nation’s Banking and Financial Services Industry since 1978

Contact: Marjorie Cahn | 617.285.6564 | This e-mail address is being protected from spambots. You need JavaScript enabled to view it