Defined Contribution Plans Investment Menu Harmonization

We advised a major Massachusetts health system regarding the harmonization and rationalization of more than two dozen defined contribution plans with participant-directed investments, which were the combined legacy of several mergers by which the health system was created. The plans had diverse investment option menus and the plans themselves are of varying types, each of which carries its own legal restrictions on permissible investment types. Employees within the system frequently participate in more than one plan because they move between affiliated hospitals and provider groups. We worked with the client’s investment advisors and employee benefits consultants to implement a uniform investment option menu across all plans to the extent possible within applicable legal requirements. We were responsible for all legal compliance work, including advice to the investment consultant during the investment menu selection, the review of new or amended contracts regarding certain investments/services, all necessary employee disclosures and other communications, and plan amendments, as required for each plan involved.