BOK Financial

Katie Krapff and Hannah Morton helped U.S. Nursing Corporation clear up a discrimination testing issue.
BOK Financial, Katie Krapff and Hannah Morton
BOK Financial, Katie Krapff and Hannah Morton
  • Client
    U.S. Nursing Corporation
  • Industry
    Health Care
  • Client Headquarters
    Greenwood Village, Colorado
  • Plan Assets/Participants

BIOS: Katie Krapff, a relationship manager with BOK Financial, has worked for the firm for five years. Hannah Morton, also a relationship manager with BOK Financial, has served there since graduating from college 10 years ago.

U.S. Nursing Corporation
supplies nurses to hospitals around the nation, and their contracts typically last only a year. The organization faced a discrimination testing issue when a highly compensated employee (HCE) left the company before the end of the plan year and rolled his money over to an individual retirement account (IRA), says Marjorie Wheeler, human resources (HR) manager for U.S. Nursing Corporation.

“When we did the testing for the safe harbor for the highly compensated employee, who had been with us for less than a year, we discovered that he had been allowed to contribute too much to the 401(k),” Wheeler says. “By the time we did the testing, he had already taken the money from the 401(k) and put it in an IRA subject to different rules. Hannah helped us explain the situation to the employee, going above and beyond her call of duty. She got on a call with the employee and the investment manager for his IRA and got it all sorted out.”

Relationship Manager Hannah Morton says she spent several hours with the employee in question to help him “understand the difference between the 401(k) and the IRA in terms of timing and reporting and why it was necessary to remove those ineligible dollars from the IRA.”

Katie Krapff, another relationship manager at BOK Financial, says that because of the high turnover of employees at U.S. Nursing Corporation, as well as a few nursing strikes, “the data in their plan was jumbled. We worked with Marjorie and her team to have quarterly demographic updates, to have better communication about terminated employees and to get distributions made in a timely manner and coded correctly in the system.”

Morton adds that she and Krapff “also did a lot of work on plan design to make certain features a better match for the demographic and to increase participation and growth of the plan.” To this end, to help with testing, BOK Financial helped U.S. Nursing Corporation add a safe harbor and worked to reach the company’s nurses with more accurate email addresses.

Morton and Krapff also have had phone calls with nurses who work after hours to answer their questions.

—Lee Barney

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