2015 Service Stars  | Individual

Peggy Bernath

Consistently keeps in contact with a pressed-for-time sponsor

RECORDKEEPER EMPLOYER: BOK Financial 
TENURE WITH COMPANY: Three years
BIO: Peggy Bernath has been a client account manager at BOK Financial, in Kansas City, Missouri, since 2012. In 1990, she started in the industry at American Century Investments as a registered representative, and in 1993 she moved to the participant-services team in the 401(k) recordkeeping group. After the group was acquired by J.P. Morgan Retirement Plan Services, she became a client account manager.
CLIENT: InQuest Marketing LLC, Kansas City, Missouri 
PLAN TYPE: 401(k)
PLAN SIZE: $1 million
PLAN PARTICIPANTS: 38

“Every few weeks, if I haven’t reached out, she emails me—and that’s a good thing,” says Michele Bigler, controller at InQuest Marketing LLC in Kansas City, Missouri. BOK Financial’s Peggy Bernath talks with Bigler about topics including new industry developments and upcoming steps, such as participant notifications, that the plan will need to take. Although InQuest has “such a little plan,” Bigler says, Bernath “treats us like we’re a big plan.”

InQuest Marketing’s 401(k) plan has just 38 participants and $1 million in assets, but that does not discourage Bernath from touching base with her client often. This approach reflects one of the client account manager’s best practices with sponsors. “Even if there are not really any changes going on, it’s good just to have a regular meeting or call,” says Bernath. “I try to make sure there’s regular communication, even if it’s just five minutes on the phone.” During that time, she may answer questions or tell the sponsor about a BOK resource that could help the plan or its participants resolve a particular issue.

The frequent contact with Bernath helps Bigler, who has wide-ranging responsibilities within InQuest beyond the 401(k). She recalls when she recently needed to order more 401(k) participant handbooks for new employees, and she had the idea to just order in bulk. Bernath reminded her that plan information changes quarterly as investment-performance data gets updated, so purchasing a large number of handbooks would prevent some future participants from getting the most current information. “I didn’t think about that, and she did,” Bigler observes. “And then she took the next step and said, ‘Hey, let me order this according to your needs, every quarter.’”

Bernath’s personal touch extends to participants, too. Bigler has seen how new ones react when, instead of getting a recordkeeper’s name and toll-free number to call with any questions, they receive Bernath’s name and direct line. “People are excited when I say, ‘You have a local contact. If you have any questions, feel free to call Peggy directly,’” Bigler says. “She’s not called ‘Customer Service.’ She’s called ‘Peggy Bernath.’ [Her availability to participants] means that I don’t have to have all the answers, and I don’t have to just give people a 1-800 number to call,” she adds. Last year, for instance, Bernath volunteered to help answer participant questions about a change InQuest made to its plan’s profit-sharing contribution formula.

Bernath and Bigler started working together in 2012, when the latter transitioned into the controller position. In that job, she keeps an “ambitious” schedule that makes it impossible for her to focus all her time on the retirement plan or other benefits, she says. “Benefits are exciting—and ever-changing,” Bigler notes. Bernath “just holds my hand through this whole process. I’ve actually come to lean on her heavily.”

Most of Bernath’s sponsor clients have many challenges to deal with at their organizations, such as making changes in health plans to comply with the Patient Protection and Affordable Care Act (ACA). “I always try to think to myself, ‘What if I were in that person’s position?’” Bernath says. “Although we do 401(k) every day and it’s top of mind for us, I know it is not for the people I’m working with. So as much as I can be proactive and simplify things for them, I try to do so.” —Judy Ward
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