Streamlined Plans, Stronger Outcomes
How consolidating retirement plans unlocked savings and simplicity.
Background
When the City of Bristol, CT, sought to consolidate its retirement plans from six plan providers to one, the employer hired a consultant to evaluate its six plans. Managing the large number of plan providers and plans in different systems presented crippling effects for the employer: enormous administrative burdens, complex system challenges, and rising costs. Employees were confused by varying retirement plans and investment options, which led to low engagement and missed opportunities for retirement readiness. The City of Bristol sought to streamline its offerings, reduce expenses, and enhance the participant experience.
"I was thoroughly impressed with how the MissionSquare team executed the consolidation. They anticipated every detail, and the transition was seamless."
– City of Bristol Plan Representative
Impact
The consultant partner with the city sought to examine their retirement plan structure. The evaluation began with a thorough review of the plans’ features, which ultimately led to a solution for streamlining the city’s six separate plans into a single, unified plan.
Actions taken in the evaluation process included:
- Fiduciary benchmarking for compliance and cost efficiency.
- Fee analysis to leverage economies of scale.
- A simplified investment lineup with target-date funds* and education tools.
- A communication campaign with webinars, FAQs, and one-on-one support.
Outcome
The consolidation saved the City of Bristol employees over $295,000 in fees and resolved system issues for recordkeeping. Governance was simplified, helping to reduce fiduciary risk and boosting employee confidence. From October 2021 until December 2025, the plan saw an increase in enrollment, including added flexibility for all employees through a new brokerage enhancement. The end result: one cost-effective, efficient plan that helped reinforce the city’s commitment to employees’ long-term financial wellness.
[b3-regular]*The Retirement Target Funds are not a complete solution for all your retirement savings needs. An investment in the Funds includes the risk of loss, including near, at or after the target date of the Fund.[/b3-regular]