34 PLANSPONSOR.com April/May 2017
to put numbers to things beyond just
fees—such as monthly retirement
income savings instead of presenting
just the lump-sum total. In addition, the employee website details the
expected annual cost of health care in
retirement, which, Juntunen says, was
a selling point for choosing Empower
In the past few years, WD- 40
Company has also made changes to
improve its fiduciary process. The
company added another committee
member to make a team of four.
Moreover, the company adopted
an annual “Chart of Work” (COW)
approach, to ensure that the committee
understands its role and fiduciary duties. The COW helps the
company plan its year, maximize productivity at meetings and
ensure that important topics such as Section 415 limits will get
COW was put in place with the help of RBG when the
adviser was hired as WD- 40 Company’s 3( 21) co-fiduciary. The
list has helped the company improve fiduciary procedures, from
establishing an online fiduciary compliance vault for storing
plan documents, to having the committee complete a fiduciary
training session with an Employee Retirement Income Security
Act (ERISA) attorney.
WD- 40 Company also has ramped up its educational offerings. Thanks to the change of recordkeeper and adviser, tribe
members now have a host of new educational materials available to them. One such includes a retirement readiness report,
which the employer requested from advisory firm Financial
Financial Soundings’ technology is customizable, to
address the needs of various demographics. As WD- 40
Company’s employees are, on average, 48 years old, the program
found that many were overexposed to equities and needed to
de-risk their accounts, says Larry Deatherage, principal at RBG.
The Financial Soundings retirement readiness report is
customized and given to all employees, even those not currently
participating in the retirement plan. As a result, more people
are motivated to join the plan. In fact, seven more employees
have joined since 2015, when the program was implemented,
The report provides individualized retirement income
replacement goals; action steps to help employees track their
goals; and a complete retirement picture, including outside
assets if the participant chooses to add them.
The company makes individual
and group sessions available as well,
giving participants a chance to brush
up on retirement education. RBG
participant engagement specialists
meet with about 30% of the employee
population each year for one-on-one
sessions, Christiansen says.
Additionally, Empower provides
targeted campaigns that have also
gotten more people signed on. A
recent example was an effort to have
beneficiaries added to the plan, which
resulted in 30 more participants taking
that step, Christiansen says.
Another goal is targeting people
who save less than 5%, she says. This is
done through sending mailers, flyers and, particularly, emails
because those can include links for taking action.
“We’re a learning organization,” Farrell says of the evolving
retirement offerings and education. “We’re looking out for each
other—trying to make each of us better.” —Corie Hengst
>$50MM – $100MM FINALISTS
Molson Coors Brewing Company
Thanks to a focus on personalized retirement readiness, starting
day one at Molson Coors Brewing Company, 99% of employees
participate in the 401(k) plan, deferring an average 8.7%. Holistic
wellness challenges, individualized 401(k) spreadsheets projecting
retirement savings, and the committee’s commitment to plan
improvement keep participants engaged.
National Account Service Company LLC
In 2014, National Account Service Company LLC (NASO), a
national provider of information technology solutions to health
plans, conducted financial wellness assessments of its associates.
Two years later, it had achieved a work-force financial-wellness
grade of “A” and 98% participation in the plan.
Visible Changes Inc.
Visible Changes Inc., a chain of 16 salons in Texas cities, stresses
educating its employees about retirement saving. By, e.g., providing
an annual retirement readiness week and quarterly statements
containing income replacement numbers, it has 89% of participants “on track” or “almost on track” for retirement.
Read the full finalist profiles on plansponsor.com/PSOY2017.
“We are very
fees for our
The impact of
reducing fees is
huge, over time.”