PLANSPONSOR - April/May 2020 - 31

AWARDS 2020 PLAN SPONSOR OF THE YEAR FINALISTS
Bruce McCollum, Chairman,
Chief Executive Officer, Tingley
Rubber Corp.
From left: Sheryl Eubanks, Vice
President of Operations; Kristin
Joyce, Controller, Ace Precision
Machining Corp.
Tingley Rubber Corp.
Piscataway, New Jersey
PLAN: 401(k). PLAN ASSETS: $18.2mm. PARTICIPANTS: 60. PARTICIPATION
RATE: 98.1%. AVERAGE DEFERRAL RATE: 12%. EMPLOYER
CONTRIBUTION: 100% of 3%, plus 50% of the next 2%, plus possible
profit sharing. RECORDKEEPER: Empower Retirement. ADVISERS:
Independence Financial, 1847Financial.
The Tingley Rubber Corp. plan began as a profit-sharing plan
in the 1940s, and in 1986 the protective footwear and clothing
company introduced its 401(k). The employer offers a safe
harbor matching contribution plus profit sharing. Chairman
and CEO Bruce McCollum says, " We've tried to do our best
to educate our employees on the importance of their role in
making sure they can retire. We've been doing annual financial
training seminars since long before most other companies. "
Today, the average employee deferral rate is 12%. Tingley's
planwide average lifetime income score, assuming a 75%
income replacement target, is 94. -CH
Corporate 401(k) $25mm - $50mm
Ace Precision Machining Corp.
Oconomowoc, Wisconsin
PLAN: 401(k). PLAN ASSETS: $27.3mm. PARTICIPANTS: 293. PARTICIPATION
RATE: 94%. AVERAGE DEFERRAL RATE: 7.3%. EMPLOYER
CONTRIBUTION: 25% of 8%, plus possible profit sharing. RECORDKEEPER:
OneAmerica. ADVISER: OneAmerica Investment Advisory
Services.
When Ace Precision Machining Corp. reduced participant loans
from two to one, it made sure to couple this with a strategy that
empowers participants to take charge of their retirement destiny
through overall financial wellness. " By our limiting the loans,
participants are keeping more money in their 401(k), " says
Kristin Joyce, controller at Ace Precision. " At the same time,
we're using educational programs ... to help them see how their
finances in their personal lives can affect their 401(k), as well. " In
2016, when participation was 79%, the sponsor added automatic
enrollment, into a designated target-date fund. With a re-enrollment,
participation jumped to 94%. -CH
First State Bank
St. Clair Shores, Michigan
PLAN: 401(k). PLAN ASSETS: $26.7mm. PARTICIPANTS: 246. PARTICIPATION
RATE: 98%. AVERAGE DEFERRAL RATE: 7.2%. EMPLOYER
CONTRIBUTION: 100% of 4%, plus possible profit sharing. RECORDKEEPER:
Vanguard. ADVISER: Flynn Benefits Group.
Starting in 2013, First State Bank began improving all aspects
of its 401(k) plan. It hired an adviser to act as co-fiduciary
to implement changes, and formalized a 401(k) committee.
The bank transferred its recordkeeper services, " substantially
reducing " expenses, says April Matalavy, first vice president,
human resources director. The employer now pays all plan administrative
and advisory/consulting fees directly, " so employees
feel more comfortable increasing their deferral, " she says. The
average account balance nearly tripled since 2013, to $104,000
today, and once the sponsor added automatic enrollment, plan
participation soared. The bank offers employees the company's
Financial Education Center, launched last year. Financial courses
can be accessed from the company website. -CH
PLANSPONSOR.COM April - May 2020 31
Kerry Davis, Chief Financial
Officer, Bohannan Huston, Inc.
April Matalavy, First Vice
President, Human Resources
Director, First State Bank
Bohannan Huston, Inc.
Albuquerque, New Mexico
PLAN: 401(k). PLAN ASSETS: $41.1mm. PARTICIPANTS: 293. PARTICIPATION
RATE: 98.9%. EMPLOYER CONTRIBUTION: 80% of 10%.
RECORDKEEPER: Transamerica. ADVISER: SageView Advisory Group.
Bohannan Huston views financial wellness as part of the big
picture of employee health. That is why this engineering firm,
as part of its internal program, awards participants " LifePoints "
for attending retirement and wellness events, meeting with
their financial adviser, and participating in non-retirementrelated
wellness activities. Employees can earn up to $500 in
bonus gift cards a year through their accumulated LifePoints.
The firm pairs its education with plan design features that
encourage high participation. Besides its 401(k) benefits,
Bohannan Huston makes a semiannual contribution to health
savings accounts, based on its belief that helping employees
save for current and future out-of-pocket medical expenses
is a component of their retirement savings strategy and a
contributor to financial well-being today. -CH
http://www.PLANSPONSOR.COM
PLANSPONSOR - April/May 2020

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