How a large professional service firm saved big on PBGC premiums
Company was unaware their actions/inactions had caused them to pay more than $800,000 in PBGC premiums than they needed to pay over the last 6 years. The overpayment wasn’t their fault for they had no clue they could make simple changes and greatly reduce premiums. They were relying on their actuary to tell them what they owed. Unfortunately, this cost them a lot.
Through October Three’s PBGC Premium Wellness Review, the company learned what they did in the past that caused them to miss these opportunities. And, they developed a game plan for the future. The best part was they were able to take quick action that immediately saved them over $100,000 this year.
$100k Immediate Cash Savings
By looking at plan expenses with a different perspective, this company has been able to implement a strategy for future years, lowering their plan expenses and ensuring they will manage PBGC premium expenses better going forward. It was unfortunate they needed a second opinion, but that is what it takes at times.