Item: Human Interest
Rating: 1
Author: Verified User

Overall Satisfaction with Human Interest

Use Cases and Deployment Scope

Our company hired Human Interest as our 401k plan administrator. They set up our new plan and interface with our payroll program. They collect contributions and remit them to the trust accounts. That had gone relatively smoothly but wasn't until the audit that the issues came to light. We've had lots of trouble with the information that's come out of the audit.

Pros and Cons

Pros

Interface with payroll software
Easy participant interface

Cons

Communication
Plan documentation
Follow though

Return on Investment

Cost us 10k is legal fees to fix the plan.
Cost us 10k in missed contribution due to the set up and lack of instructions.

Usability

The interface is easy to use and interfaces with our payroll program.

Alternatives Considered

As someone who came from a multi-employer plan, there is not a lot of support here for someone who hasn't had a lot of experience.

Key Insights

Do you think Human Interest delivers good value for the price?

Are you happy with Human Interest's feature set?

Did Human Interest live up to sales and marketing promises?

Did implementation of Human Interest go as expected?

Would you buy Human Interest again?

Likelihood to Recommend

As far as collecting contributions, they are fine. The plan doc was set up wrong, and the 5500 was wrong. We hired an Erisa attorney to fix the plan doc and prepare communications with the IRS. They have cost us a lot of money, and it's defiantly not worth the headache of dealing with the aftermath.

Comments

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Jill DiNucci
(Vendor Representative) commented 2 years ago
Hello, We appreciate your feedback and would love to speak directly to your auditing concerns. We are unable to identify your company's plan based on the information provided but are eager to learn more so that we can make things right and elevate your experience. Please know that you can set up a call with us at your convenience by using this link: https://humaninterest.chilipiper.com/book/me/jill-dinucci.

Not worth the legal fees