Training Program for people new to 401(k)/Defined Contribution

[stephen]

Our firm is establishing a formal training program for employees hired that are new to 401(k)/Pensions. We currently are thinking of hiring trainees in groups of 3 or 4 and sending them through a "training school". Does anyone have a program that works at their firm that they would be willing to share ideas?

[Ervin Barham]

Pension Publications of Denver has a good 3 day fundamentals class that you may want to take a look at.

[Guest Greg]

PPD was recently purchased by Corbel, who also has a good reputation for pension related training. I'm not sure if PPD's courses will be changed as a result. An associate of mine uses Corbel's training textbook for new pension employees. I haven't used it myself, but more information can be found at http://www.corbel.com/educserv.htm

[Guest swodarck]

I am a marketing consultant specializing in the financial & retirement plan industries. I can provide a customized employee enrollment seminar, training for your benefits staff and any other empoloyee communications you may need. I am Series 7 licensed (investment designation) with 8 years experience with a major retirement plan service provider. If you would like to discuss, please send me an e-mail. I would be happy to forward my resume and/or discuss via telephone.

[Guest Ron]

I have recently completed the PA-1A, and PA-1B course and exam sponsored by ASPA. The courses are self-study, but provide a good fundamental understanding of pensions, and administration of plans. Your employees can get a certificate of completeion after both exams are passed successfully. The courses are available from ASPA. Their website is www.aspa.org

[Guest dlm]

Our firm also uses ASPA PA-1, and then C-1, C-2 etc. courses for training. In the long run, it is the most efficient way to train employees. ASPA courses are relatively inexpensive and very worthwhile.

[Lorraine Dorsa]

I am the Chairman of ASPA's PA-1 Committee and a local course coordinator for ASPA. I've also taught the PA-1 course as a training class for large groups of new 401k administrators.

Please feel free to email me for more information about PA-1. My address is lda@leading.net

[MWeddell]

Check with your local chapter of the International Society of Certified Employee Benefit Specialists. In suburban Detroit, they've got a 1-day training program titled "Fundamentals of Qualified Benefit Plans & Other Arrangements" for $175 per attendee scheduled for 11/13/98. The program is repeated about once a year. Other chapters may conduct similar training sessions.

For continuing education, the ASPA CPC exams sound more on target than the CEBS exams.

[Kathy]

You may also want to check out Universal Pensions Inc. (UPI)(800-346-3860) and Bankers Systems (800-552-9410). Both orgainizations offer many different types of retirement plan seminars accross the country. I've attended seminars put on by both in addition to those of Corbel. I think the choice depends upon the new employees ultimate job - Corbel is great if the employee will be preparing and submitting determination letter requests or responsible for applying some of the more complicated provisions of the plan documents. I think the other two are geared a little more toward the operational aspects of retirement plans. However, I found all to be worthwhile.

[Guest robin s vatalaro]

I agree w/ utilizing ASPA's PA-1 and "C" series exams. I am a CPA who entered the benefits field about 4 1/2 years ago - there are many things I know solely because I went through the ASPA exam process. They are very beneficial from a learning standpoint.

[Guest ERead]

You may also want to check out the yellow pages here on Benefits Link. I know of several consulting groups that teach intro classes - for instance - TRI Pensions (Sal Tripodi) has an ABC's school and so does NIPA. It's typically a two or three day course with materials designed to intorduce people to the world of Qualified Plans.

Good luck!