PLANSPONSOR - April/May 2019 - 28
Intermountain Power Service
Corporation
Nonprofit DC Plan >$250mm
Plan at a Glance
TOTAL PLAN ASSETS/PARTICIPANTS: $418 million/854
PARTICIPATION RATE: 98%
AVERAGE DEFERRAL RATE: 10%
DEFAULT DEFERRAL RATE: 6%
DEFAULT INVESTMENT: T. Rowe Price Target Date Fund
AUTOMATIC ENROLLMENT/ESCALATION: Yes/No
EMPLOYER CONTRIBUTION: For hires before July 2015,
100% on the first 6%; after July 2015, 50% on the first 6%
job. The defined contribution (DC) plan is an integral part of the
retirement package, and employee education reflects this. " We
want [participants] to really understand the total picture. How
does it all fit together collectively? " says Chad J. Larsen, president
and CEO of Moreton Retirement Partners (MRP), referring to
the 401(k) and pension plan benefits.
Even with the participation rate in the 401(k) at nearly 100%,
and an average deferral rate of 10% after tax, IPSC continues to
Senior Human Resources Analyst Ellen Lewis and Manager of
Support Services Jim Hill
T
hese days, it is rare enough to work for a company with an
active pension plan. But add to that retiree medical benefits
and a 401(k) plan-good enough that 98% of workers participate-and
you have a powerful combination that most employees
can only dream about for their retirement income planning.
At Intermountain Power Service Corporation (IPSC), which
provides electrical power for residents in Utah and California,
employees live this dream every day.
" It's a really rich package, " says Ellen Lewis, senior human
resources (HR) analyst, at IPSC headquarters in Delta, Utah.
Employees are eligible to participate in the 401(k)-
managed by recordkeeper Principal-from their first day on the
28 PLANSPONSOR.com April - May 2019
Photo by James Rajotte
seek insight into what keeps employees from saving more.
" One thing we've learned is ... people have financial stress
outside of work that affects their ability to take advantage of the
plan, " Larsen says.
For that reason, MRP conducts group meetings for IPSC on
topics such as 401(k) basics, Social Security, debt management,
estate planning and Medicare. Discussions about decisions
related to Social Security have been a " key part " of financial wellness
training the company provides, Larsen says.
Individual off-site meetings-conducted by Zac Huish,
vice president of wealth management at MRP-are available
once a month for those unable to make the scheduled meetings
or who want to meet between them. The company also targets
employees who have opted out of saving 6%-the automatic
enrollment rate-to the 401(k) and encourages them to increase
their savings rate to receive the full company match: 100% on
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PLANSPONSOR - April/May 2019
Table of Contents for the Digital Edition of PLANSPONSOR - April/May 2019
2019 Plan Sponsor of the Year Winners and Honorees
2019 DB Administration Survey
2019 PLANSPONSOR Service Stars
Acting on ESG Principles
Pension Risk Transfers Increase
Out of Harm's Way
PLANSPONSOR - April/May 2019 - C1
PLANSPONSOR - April/May 2019 - FC1
PLANSPONSOR - April/May 2019 - FC2
PLANSPONSOR - April/May 2019 - C2
PLANSPONSOR - April/May 2019 - 1
PLANSPONSOR - April/May 2019 - 2
PLANSPONSOR - April/May 2019 - 3
PLANSPONSOR - April/May 2019 - 4
PLANSPONSOR - April/May 2019 - 5
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PLANSPONSOR - April/May 2019 - 19
PLANSPONSOR - April/May 2019 - 20
PLANSPONSOR - April/May 2019 - 21
PLANSPONSOR - April/May 2019 - 2019 Plan Sponsor of the Year Winners and Honorees
PLANSPONSOR - April/May 2019 - 23
PLANSPONSOR - April/May 2019 - 24
PLANSPONSOR - April/May 2019 - 25
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PLANSPONSOR - April/May 2019 - 45
PLANSPONSOR - April/May 2019 - 46
PLANSPONSOR - April/May 2019 - 47
PLANSPONSOR - April/May 2019 - 2019 DB Administration Survey
PLANSPONSOR - April/May 2019 - 49
PLANSPONSOR - April/May 2019 - 50
PLANSPONSOR - April/May 2019 - 51
PLANSPONSOR - April/May 2019 - 52
PLANSPONSOR - April/May 2019 - 53
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PLANSPONSOR - April/May 2019 - 55
PLANSPONSOR - April/May 2019 - 56
PLANSPONSOR - April/May 2019 - 57
PLANSPONSOR - April/May 2019 - 2019 PLANSPONSOR Service Stars
PLANSPONSOR - April/May 2019 - 59
PLANSPONSOR - April/May 2019 - 60
PLANSPONSOR - April/May 2019 - 61
PLANSPONSOR - April/May 2019 - 62
PLANSPONSOR - April/May 2019 - 63
PLANSPONSOR - April/May 2019 - 64
PLANSPONSOR - April/May 2019 - 65
PLANSPONSOR - April/May 2019 - 66
PLANSPONSOR - April/May 2019 - 67
PLANSPONSOR - April/May 2019 - Acting on ESG Principles
PLANSPONSOR - April/May 2019 - 69
PLANSPONSOR - April/May 2019 - Pension Risk Transfers Increase
PLANSPONSOR - April/May 2019 - 71
PLANSPONSOR - April/May 2019 - Out of Harm's Way
PLANSPONSOR - April/May 2019 - 73
PLANSPONSOR - April/May 2019 - 74
PLANSPONSOR - April/May 2019 - 75
PLANSPONSOR - April/May 2019 - 76
PLANSPONSOR - April/May 2019 - C3
PLANSPONSOR - April/May 2019 - C4
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