401(k) Specialist Issue 2 - 2023 - 28

Neglected Nonprofit Plan
Gets Substantial Revamp
CG Financial's
Brent Bruggink
takes over and
turns around
a struggling
401(k)
By Amanda Umpierrez
IN THE FALL OF 2022, CG Financial received
a request for a new 3(38) investment fiduciary
with a small nonprofit organization in Detroit.
The organization had already been through a
few advisors, and desperately needed attention
in its investment lineup and benefits offerings.
" The plan needed a ton of work-it had
been neglected for years, " remembered Brent
Bruggink, director of retirement plan services
at CG Financial, who met with the organiza28
ISSUE
2 2023 | 401kSpecialist.com
tion's HR director and eventually signed on as
the plan's new fiduciary.
The " ton of work " has resulted in remarkable
gains for the plan, which are revealed in
the last section of this article.
Step one, Bruggink said, was cleaning up
the investment lineup. It was already missing
target-date fund (TDF) vintages, had target-date
suites that were made up by different
fund families, and lacking asset classes normally
expected in a 401(k) plan.
" The participants didn't have the opportunity
to have a good investment lineup, " Bruggink
said. The investment lineup was rough,
and it needed some love. "
Bruggink and his team at CG Financial
tidied up the lineup by adding comprehensive
investment options, and then hit the ground
running on launching the plan's educational
campaign.
Meeting Educational Needs
As Bruggink and the team at CG Financial
found out, not only was the plan
underserved-but many of its employees
were, too. The nonprofit specialized in
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401(k) Specialist Issue 2 - 2023

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