Streamlining New Business Units/New Plan Conversions

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• Saluti Cahn has completed at least one New Business project each year for the last ten years. Retirement project experience enables Saluti Cahn to use its understanding of "Procedural Best Practices" in streamlining New Business Units/New Plan conversions.

• Saluti Cahn streamlining always includes identifying and implementing FTE cost savings.

• Along with operational efficiencies, Saluti Cahn also identifies and implements procedural-level controls that have a positive impact on smooth new Plan conversion/bottleneck elimination.

• Saluti Cahn can assist a Retirement operation in reducing new Plan conversion time, often by 50% or more. All handoffs from procedure to procedure and to/from units that are external to New Business are streamlined.

• Plan conversion timelines/milestones and call agendas/checklists are developed/streamlined. Agendas and checklists for specific calls such as the Welcome Call, Plan Design Call, Payroll Call, Prior Recordkeeper Call, etc. are developed/streamlined.

• In some cases, New Business Unit job titles/responsibilities and the relationship with the Plan Document Unit/specialist are changed. Plan Maintenance responsibilities can be added to/taken away from the New Business Unit.

Advantages of Using Saluti Cahn

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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 client specific tasks/procedures analysis. Marjorie Cahn personllay reviews, tests, and edits client specific Word document procedures. Dr. Saluti and/or Marjorie Cahn personally conduct client specific tasks/procedures identification and assessment sessions. This ensures superior-quality output.

Examples of Streamlining New Business Units New Plan Conversions Projects:

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2007-2008:  Pentegra Retirement Services New Business Unit

Although New Business was not the primary project concentration, Plan conversion timelines/milestones, call agendas/checklists, and handoffs were streamlined. Per Saluti Cahn recommendation, a Plan Document system (McKay Hochman) was purchased and implemented. Per Saluti Cahn recommendation, Pentegra acquired its competitor, RSGroup. Saluti Cahn performed a Consolidation Gap Analysis, and several hundred gaps were identified and resolved through an analysis of hundreds of procedures from both entities. Documentation was developed for the receiving entity (Pentegra) staff retraining.

Reference: Gwen Burroughs (914-821-9430)

2007: ADP Small Market New Business Unit

Through detailed workflow analysis, Saluti Cahn identified efficiencies for 5.5 FTE cost savings. New Plan conversion time was decreased by 50%. Job titles/responsibilities were changed. Processing bottlenecks were eliminated. The Sales to New Business paperwork handoff was streamlined. Efficiencies, controls, and Industry Standard Best Practices were documented in procedures created to be used in a new offshore unit located in India.

Reference: Frank Mungiello (973-712-2312)

2007:  ADP Mid-Market New Business Unit

Using the same process as was implemented with the Small Market Unit, Saluti Cahn detailed workflow analysis resulted in efficiencies, decreased Plan conversion time, the elimination of processing bottlenecks, and better paperwork handoffs from Sales.

Reference: Frank Mungiello (973-712-2312)

2006-2007:  Lincoln Financial New Business Unit

Saluti Cahn created procedures for a Lincoln Recordkeeping facility located in Portland, ME. Then, the Portland facility was closed down and these procedures were utilized for retraining of Lincoln Fort Wayne, IN staff at the receiving entity for the Portland close-down. In only three weeks, Saluti Cahn identified 9+ FTE cost savings in the Fort Wayne, IN New Business, Participant Call Center, and Transaction Research Units. The Fort Wayne, IN New Business Unit realized a 50% reduction in Plan conversion time.

Reference: James Racine (260-455-4944)

2005-2006:  MFS New Business Unit

Saluti Cahn reduced the time required for new Plan conversion by more than 50%. Saluti Cahn created efficiencies through detailed workflow analysis 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, VP (617-954-6812)

2004-2005:  FASCore New Business Unit

Developed the data element Field design for an upfront Web application to be used by both the Plan and the FASCore IM for new Plan setup data entry. This FASCore (Denver) project also reduced the data entry Fields from 1,910 to 591 by identifying irrelevant Fields, duplicate data elements, and those Fields that should be hardcoded. Assisted EMJAY (FASCore Milwaukee), a remote site location, during growth from 300 Clients to 3,000 Clients, while reducing headcount by 25%. The EMJAY facility was the receiving entity for existing and new partnership relationships that had Balance Forward (Traditional) Plan processing. Documentation for new, efficient procedures with more controls was developed.

Reference: Darlene Soderquist (414-906-2989)

2003:  BISYS

Saluti Cahn performed a Consolidation Gap Analysis for the BISYS assumption of the outsourced US Bank Retirement operation. It should be noted that US Bank Trust was already a Saluti Cahn Client. Hundreds of gaps were identified and resolved through an analysis of hundreds of procedures from both entities. Documentation was developed for the receiving entity (BISYS) staff retraining. Saluti Cahn also analyzed, streamlined, and created procedures for the BISYS New Business Unit, located in Dresher, PA.

Reference: Christine Mackowiak (215-648-6802)

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