Customer Success: Public Telephone

Every few weeks one of our employees logs into their account and is surprised to see how quickly regular saving can add up. That gets everyone else excited, and it feels great.”

— Scott De Long, CEO

Challenge

Find a 401(k) plan provider for Public Telephone employees that made it easy for them to maximize their retirement savings
Select a provider with online tools to help employees with their plan selections
Identify a plan with investment options that had no hidden fees, low expense ratios and minimal administration fees for employees
Offer a company match for participating employees at a reasonable cost to the company
Choose a 401(k) plan that is simple to put in place and doesn’t take lot of time to administer

Solution

Selected the PLAN4TEN for Public Telephone based on the company needs and his experience as a personal investor with ShareBuilder
A ShareBuilder Implementation Specialist guided Scott through the setup process and provided a comprehensive plan document, including an IRS opinion letter, assuring Scott that his plan meets all legal requirements
Easy tools and questionnaire helped guide employees’ plan selections
Company set up automatic matching for each employee’s contribution, up to 5% of his or her salary
Used the website’s interactive retirement planning tools to show employees the potential of investing ‘around $20/ week’

Result

Employees were excited to participate – 100% signed up immediately, and they all are investing 5% or more of their annual salary
Everyone appreciates the automatic payroll deduction process and the company match
Company office manager finds the plan runs ‘nearly on autopilot’ and spends less than 30 minutes per month on administration
Scott is extremely pleased and proud to see his employees take charge of their retirement planning – at a cost his company can afford

Based in San Clemente, CA, Public Telephone’s goal is to provide quality public communication products to both hospitals and universities, at a lower price than the major telephone companies. With a great team that prides itself on its excellent customer service record, CEO Scott De Long wanted to make sure his employees took care of themselves, too.

As a personal investment customer, I had already experienced ShareBuilder’s commitment to service. It seemed only natural to use them for my company’s 401(k) plan as well.”

“My biggest concern was the administration headache of setting up the plan, the company match, etc. ShareBuilder made it easy and gave me the assurance that we were meeting all the legal requirements with our 401(k) plan.”

— Scott De Long, CEO

While matching 401(k) contributions is a great way for a business to reward and retain employees, it is not a requirement to start a 401(k) program.

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Need Help? Find out which 401(k) Plan is right for your business.

While each “Customer Success” is a true experience of an actual ShareBuilder 401(k) Plan customer, ShareBuilder does not represent or imply that every consumer has had or will have a similar experience. Results can vary because of many factors, including individual financial objectives, business structure, tax considerations, portfolio selections, and changing market conditions.

Sharing a “Customer Success” with you should not in any way be considered investment or tax advice, nor a recommendation by ShareBuilder Advisors LLC.