On-the-Job Training Program
Doing Things the Right Way
Administration Partners, LLC, a locally-owned third-party administrator of qualified retirement plans, was formed in January 2001 by business partners Kim Newell and Belinda Henning. That year the owner of the company they worked for, Pension Administration and Consulting, decided to retire. They bought the rights to provide the administration of the plans under contract to their old company and at the time a new company and two new entrepreneurs were born.
Growth has been steady since then. Not only have they greatly expanded upon the number of qualified plans they administer, but they have nearly doubled their staff. Starting with six people in 2001, they now have 11 staff members, including Jackie Terhune, a new hire from the On-the-Job Training program profiled in a success story in her own right and a new hire for the same program that has not started yet. The University of South Alabama’s Small Business Development Center named them “Up & Coming Woman-Owned Business of the Year” for 2003.
Qualified plan administration is extremely complex and requires attention to detail and a thorough knowledge of the types of qualified plans allowed, ensuring that allocations happen in a timely manner in the correct percentages and the correct accounts, complex tax rules set by the Internal Revenue Service, trading regulations and requirements, Department of Labor reporting and meeting strict legal requirements as well.
With such a difficult and challenging business, it is critical to hire people who have a background that is similar enough that trainees can train further in the specialized area of qualified plans. The new hires must be detail-oriented, highly conscientious and be open to receiving new training throughout their career, as rules and regulations change. Administration Partners, LLC also looks for team players and people who like taking on the challenge of handling ever more complex plans as they grow.
Kim Newell says she and partner Belinda Henning have found that, and more, in the hires they’ve made through Mobile Works and the On-the-Job Training Program. And they value the experience of laid-off workers like Jackie Terhune who have so much to offer their company. They believe that by hiring laid-off workers they are reaping the benefits and experience of a quality worker who was let go through no fault of their own. And because of that, they believe in being flexible and doing the right thing.
When Terhune required triple bypass open-heart surgery in the middle of her training program in March 2005, Administration Partners, LLC put her contract on hold so they could retain their valuable new hire. And that flexibility paid off when Terhune returned to work full-force as soon as doctors allowed and resumed her training without a hitch.
“The On-the-Job Training Program is something every business should take advantage of,” states Kim Newell, co-owner of Administration Partners, LLC. “It makes good business sense because you get high-quality people and half of your training costs are paid so that you can really afford to train your new hire for up to six months. And to show how much we believe in the program, we actively give referrals for Mobile Works to our clients whenever we hear they are hiring new people.”
Mobile Works applauds Administration Partners, LLC for their success and thanks them for making a difference by helping us to get the word out and by hiring great people like Jackie Terhune, a laid-off worker who had a lot to offer.