T. Rowe Price

Vanessa Marasco and Nicholas Porcaro reduced Equinor’s auditing deficiencies for its three retirement plans.
T. Rowe Price, Vanessa Marasco and Nicholas Porcaro.
T. Rowe Price, Vanessa Marasco and Nicholas Porcaro.
  • Client
  • Industry
    Oil & Gas/Energy
  • Client Headquarters
    Stavanger, Norway
  • Plan Assets/Participants

BIOS: Vanessa Marasco, client account manager, has been with T. Rowe Price since 2000, after graduating from college, and has enjoyed serving in the same role for the past 21 years. She has worked on the Equinor account for the past five years. Nick Porcaro has been with T. Rowe Price for 16 years. For the past 11 years, he has been a relationship manager. Before T. Rowe, Porcaro was a plan compliance and ERISA [Employee Retirement Income Security Act] analyst, and a third-party administrator (TPA) for 401(k) plans.

Jessica Krejci, senior retirement consultant at Equinor, inherited an auditing challenge for the international oil and gas company’s three retirement plans: a 401(k) plan, a money purchase plan and a series of nonqualified deferred compensation (NQDC) plans. “Our plans had not been properly audited in many years by our internal company, leading us to receive a material weakness also known as a deficiency on our annual audit,” Krejci says.

Krejci says Equinor has traditionally handled its audit flaws, noting, “This has typically led to a new internal administrator being appointed and drastic actions.”

The company received help from T. Rowe Price’s Vanessa Marasco, client account manager, and Nick Porcaro, relationship manager.

“We are projected to receive no deficiencies for the 2019 plan year,” Krejci adds. “This could not have been achieved without Vanessa’s support and assistance on historical audit information and research.”

As for Porcaro’s contributions to Equinor, Krejci says, “Nick has always done everything above and beyond in support for our company. In 2019, we were able to execute a plan merger for two of our nonqualified plans.

“Nick and his team, as well as the project manager,” Krejci continues, “made this process smooth and easy to take on. We really appreciate his support and work to allow our plans to become easier to manage, more compliant and a great benefit to our employees.”

—Lee Barney

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