Examples of our Innovative Solutions

Example 1
We guided a client who was facing increasing costs in their traditional pension plan through a conversion of their pension plan to a cash balance plan design. We developed a plan that gave employees the option of continuing in the traditional pension plan or moving to the account balance design. Harbridge consultants met with each employee to explain the advantages and disadvantages of the new plan. As a result of our innovative plan design and communication initiative, over 90 percent of the employees chose to participate in the cash balance plan.

Example 2
A client was recently facing increased costs for their non-qualified Supplemental Executive Retirement Plans. Harbridge redesigned the client's qualified plan to incorporate a portion of the SERP benefit (creating a SERPlus^SM). The SERPlus^SM allowed the client to begin funding for the supplemental benefit immediately with tax deductible contributions, rather than paying benefits on an after tax basis after the executive's retirement. The SERP participants also benefited from the creation of the SERPlus^SM because their benefits were now protected in a qualified ERISA plan and were not subject to FICA tax, and enjoyed favorable tax treatment.

Example 3
As pension costs that have risen over the past few years, clients have been searching for ways to control costs. One of our clients was facing a large premium due to the Pension Benefit Guaranty Corporation. Harbridge conducted an analysis that identified how a small contribution to their pension plan could significantly reduce the premium that was payable to the PBGC.