PLANSPONSOR - August/September 2020 - 23

Corporate 401(k) <$25mm
Tingley Rubber Corp.
Piscataway, New Jersey
W
hen people are hired at Tingley Rubber
Corp., they tend to stay. Employees at the
company serve 13 years on average, says Human
Resources (HR) Manager Nancy C. Jenkins.
In fact, Jenkins herself just retired in July after
working there for 43 years.
The company also enjoys a longstanding
relationship with its advisers. In the 1940s,
current Chairman and CEO Bruce McCollum's
grandfather, William McCollum, met an adviser
named Warren F. Coe-aka " Corky " -during
a winter vacation in Daytona Beach, Florida.
In talking, the men agreed it was time for
everyone-not just the salaried employees-to
have a workplace retirement plan.
Corky, of Warren F. Coe and Associates,
advised Tingley Rubber, which then produced
rubber overshoes, molded components for original
equipment manufacturer (OEM) companies
and splash guards for bicycles and cars. Today,
that job belongs to Michael Scott, owner and
managing partner of the firm under its new
name, Independence Financial LLC, and based
in Wisconsin. Scott has worked with Tingley,
now a full-line protective footwear and clothing
manufacturer, for almost 20 years, seeing, for
instance, that participants receive annual education
and one-on-ones with financial advisers.
Familiarity Breeds Comfort
Such familiarity with the advisers helps
employees feel comfortable talking to them
about saving, McCollum says. Another longtime
adviser is Stock Illoway of 1847Financial,
in nearby Pennsylvania, whom Tingley has additionally
partnered with for education since 1981.
Illoway designs his meetings to be entertaining
and encouraging, stressing the benefits
of long-term financial planning. If workers are
absent, Jenkins informs him so he can later
contact them. " Nancy goes above and beyond to
make sure all know what the plan is, what their
options are and where they can get help, " he says,
adding that Tingley managers appreciate the
plan's importance. " They've done a lot, " he says.
At new-employee orientations, advisers
may give individualized investment advice on a
range of personal finance topics. " Save as much
as you can, as often as you can, whenever you
can " has become a familiar mantra.
Last year, Tingley introduced Jeopardy-style
sessions wherein, via software and their phones,
participants compete at answering questions
about retirement planning, the market and more.
" Engagement went up substantially, versus with
a standard PowerPoint presentation, " Scott says.
Participants may always access My
Financial Path, a tool supplying actionable
steps to achieve financial goals, provided by its
recordkeeper of 13 years, Empower Retirement.
Crunching the Numbers
In 1986, the company introduced the 401(k)
feature and changed what was originally only
profit sharing to the Tingley Employee Savings,
Profit Sharing and Retirement Plan. This offers
a traditional safe harbor matching contribution-100%
of deferrals up to 3% of pay, plus
50% of the next 2%-and is 100% vested. The
employer consistently contributes profit sharing
of 3% with a gradual vesting schedule, and
employees become 100% vested after five years.
Automatic enrollment begins at 6%.
Unlike at many plans, that 6% was " not a
big needle-mover, " Scott says, because " participation
was really strong, regardless " -just one
employee does not participate.
For other impressive figures: Employees
defer an average 12%, and the planwide average
lifetime income score, calculated by Empower
and assuming 75% income replacement, is 94
vs. the average 64 for all American plans, says
Jenkins. Further, the plan's average account
balance is $305,805 vs. a benchmark of $94,379.
According to Scott, much of the plan's
success owes to Jenkins' continuing encouragement
of participation, to help the workers
" retire with dignity. " -Corie Hengst
Bruce McCollum, chairman,
chief executive officer, Tingley
Rubber Corp.
... the planwide
average lifetime
income score,
calculated
by Empower
and assuming
75% income
replacement,
is 94 vs. the
average 64 for
all American
plans, says
Jenkins.
Finalists
American Metals
Supply Co. Inc.
Springfield, Illinois
Fintech
Tampa, Florida
Gonnella Baking Co.
Schaumburg, Illinois
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