How a Large U.S. Law Firm Transformed Partner Experience with October Three
In this case study, we break down how October Three helped a large U.S. law firm eliminate financial risk and boost partner satisfaction with their retirement plan.
Situation
A professional services firm faced challenges with its market return cash balance plan, as partners were frustrated by a lack of timely account visibility. Stale data used for distributions created financial risk, and funding misalignment raised concerns about potential underfunding.
The firm sought a modern, low-maintenance solution to improve transparency, reduce risk, and enhance the partner experience.
Approach
October Three helped the firm transition to a daily interest crediting method aligned with funding, effectively eliminating volatility in the plan. The implementation of October Three’s Daily Platform provided partners with 24/7 real-time access to account and plan data.
Results
By modernizing its cash balance plan, the firm significantly enhanced both operational efficiency and participant satisfaction. Key benefits included:
100% of partners gained immediate, real-time visibility into their balances, dramatically improving transparency and engagement
Financial risks tied to stale data and underfunding volatility were eliminated.
Administrative workload was reduced by automating reporting and syncing funding with accruals
The firm was positioned as a top-tier employer in terms of partner experience and plan governance relative to its peers
Start Designing Your Plan Today
Whether you want to reward key executives, reduce tax exposure, or boost retention with long-term wealth-building benefits, a cash balance plan can help. Reach out to our team to request your free cash balance illustration today.