RECORDKEEPER EMPLOYER: Charles Schwab
TENURE WITH COMPANY: 20 years
BIO: Lisa Consilio is senior client service manager with Charles Schwab, in Richfield, Ohio. In 2005, after serving in Schwab operations for 11 years, she moved to her current department, as she wanted to work with Schwab clients. Consilio attended the University of Akron.
CLIENT: A global architecture, engineering and construction firm
CLIENT INDUSTRY: Architecture/Engineering services
CLIENT HEADQUARTERS: Midwest
CLIENT PLAN ASSETS: $2 billion including the value of an employee stock ownership plan
CLIENT PLAN PARTICIPANTS: 11,000 participants, 850 active
Lisa is a person who has a tremendous willingness to help and make sure our 401(k) plan is running smoothly and meets all compliance regulations,” says the administrator of this mega Midwestern plan, about Lisa Consilio. Consilio, a senior client service manager for Charles Schwab in Richfield, Ohio, “has a hands-on approach toward solving all issues,” the client says.
This client was especially pleased when, in 2015, Consilio took on a complex acquisition and plan merger affecting approximately 700 of its employees. “The merger involved working with multiple payroll systems and payroll managers. Consilio was able to bring all of them on board, and in a very timely manner,” says the plan administrator.
In addition, the company has an employee stock ownership plan (ESOP) that is part of its 401(k) plan. The annual buy/sell event for the privately held stock takes place over a very short time frame, and Consilio takes ownership of this event.
“While this is an annual event, it requires attention to detail and much preparation—we focus on it throughout the year,” Consilio says. “For instance, as soon as the event completes for the current year, we are identifying opportunities and enhancements for the next year; updating communications and materials; and coordinating internally and externally to ensure that each of the 140 unique tasks that span across all key players are identified, monitored and completed.”
“Consilio monitors this activity and works diligently with us to reconcile the trade transactions that need to take place,” the plan administrator says. “As we are not publicly traded, this transaction involves many moving parts, including the independent appraisal that is done to set our stock price.”
The administrator values Consilio’s working through the weekend of the buy/sell project to complete all of the reconciliation items so that the trades can be placed in good time and accurately. “She also provides us with daily reports during the 10 buy/sell windows so we can monitor the activity and provide our financial team with updated repurchase liability numbers,” the administrator says.
Helping keep up with the demands for technology was another value Consilio brought to the plan, working with the necessary partners at Schwab to allow for the stock sale to take place online. “She made the process very user-friendly and understandable for our employees,” the administrator says.
“It’s a pleasure for me to work with this client and the team of individuals it has assembled to work on its retirement plan,” Consilio says. “It’s clear they [all] truly care about their participants, are thoughtful and consistent in their processes and are engaged in all aspects of the plan.” —Judy Faust Hartnett
This client was especially pleased when, in 2015, Consilio took on a complex acquisition and plan merger affecting approximately 700 of its employees. “The merger involved working with multiple payroll systems and payroll managers. Consilio was able to bring all of them on board, and in a very timely manner,” says the plan administrator.
In addition, the company has an employee stock ownership plan (ESOP) that is part of its 401(k) plan. The annual buy/sell event for the privately held stock takes place over a very short time frame, and Consilio takes ownership of this event.
“While this is an annual event, it requires attention to detail and much preparation—we focus on it throughout the year,” Consilio says. “For instance, as soon as the event completes for the current year, we are identifying opportunities and enhancements for the next year; updating communications and materials; and coordinating internally and externally to ensure that each of the 140 unique tasks that span across all key players are identified, monitored and completed.”
“Consilio monitors this activity and works diligently with us to reconcile the trade transactions that need to take place,” the plan administrator says. “As we are not publicly traded, this transaction involves many moving parts, including the independent appraisal that is done to set our stock price.”
The administrator values Consilio’s working through the weekend of the buy/sell project to complete all of the reconciliation items so that the trades can be placed in good time and accurately. “She also provides us with daily reports during the 10 buy/sell windows so we can monitor the activity and provide our financial team with updated repurchase liability numbers,” the administrator says.
Helping keep up with the demands for technology was another value Consilio brought to the plan, working with the necessary partners at Schwab to allow for the stock sale to take place online. “She made the process very user-friendly and understandable for our employees,” the administrator says.
“It’s a pleasure for me to work with this client and the team of individuals it has assembled to work on its retirement plan,” Consilio says. “It’s clear they [all] truly care about their participants, are thoughtful and consistent in their processes and are engaged in all aspects of the plan.” —Judy Faust Hartnett
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