CLIENT SUCCESS STORIES
CLIENT SUCCESS STORIES
At Pentegra, we believe our success is based on our clients' success.
"We were concerned about meeting our fiduciary responsibilities for our single employer defined benefit plan. We were not confident that the separate firms were managing the plan effectively and efficiently. Pentegra was able to offer a full service, bundled approach that incorporated administrative work, actuarial requirements, plan documentation responsibilities and investment management. By serving as discretionary trustee and investment manager of all the plan assets, Pentegra is helping us satisfy all of our required fiduciary responsibilities. We feel confident working with a solid firm with an admirable reputation." Lisa Ammon, Vice President, Coatesville Savings Bank
When a new Human Resources Director came onboard at the Office of Finance, one challenge she faced was to improve their benefits package and make it more competitive in order to attract and retain top-notch, quality employees. That was Office of Finance's goal when they began review their employee retirement plan offereings. As a longtime client of Pentegra, where both their 401(k) plan and their Defined Benefit Pension plan are administered, their HR Director turned to us for help.
Prudential Savings Bank, a 122 year old community bank with roots deep in the Philadelphia area had been a Pentegra client for many years when they decided that part of their mutual holding company reorganization would include adding employer securities as an investment option to their retirement program.
The offering of stock of Prudential Bancorp, Inc., the Bank's holding company, to the Bank's depositors enabled the Bank to raise significant capital to foster its growth and allow its depositors, employees and directors to share in the Bank's continued success. The mutual holding company reorganization also enabled the Bank to remain independent, by maintaining control through its mutual holding company.
Finding a better way to balance cost and benefit objectives - that was Isabella Bank's goal in reviewing their employee retirement plans. What made the Bank choose Pentegra as the provider for its defined benefit plan, 401(k) and ESOP? "Pentegra's consulting expertise and 65+ year history in working with community banks was a significant factor, and a key differentiator for the Bank," said Isabella Bank President Rick Barz.
When Premier Members Federal Credit Union began the search process for a new retirement provider to manage their 401(k) plan, service was a key concern. What made them choose Pentegra as the provider for their $3 million 401(k) plan? "Pentegra's consulting expertise in working with financial institutions coupled with the fact that we were able to completely outsource fiduciary responsibility for the management of our plan were of significant benefit to us and key differentiators for Pentegra," said Terri Floyd, the Credit Union's Vice President of Human Resources.
When Webster First Federal Credit Union began the due diligence process for a new retirement provider last year, they weren't intent on making a change. It was during their review process that they realized Pentegra could offer them specific advantages that not only delivered substantial cost savings, but also significantly reduced a major administrative and compliance burden for their staff.
What made the Credit Union ultimately choose Pentegra as their retirement provider? "Pentegra's expertise in working with the credit union industry and unique retirement programs designed specifically for financial institutions presented a clear advantage for our organization," said Michael Lussier, President & CEO, Webster First Federal Credit Union.