PLANSPONSOR - August/September 2020 - 48

POSTSCRIPT
Winning Ways in the Pandemic
Plan Sponsors of the Year share how they're dealing with COVID -19
W
e reached out to all of our 2020 Plan Sponsor of
the Year winners to see how they are faring during
the pandemic, as their applications were submitted
before it set in. These are excerpts of what a few of them told us:
PLANSPONSOR: In what ways have your company's
priorities shifted since the pandemic began?
Russell Dubose, Phifer Inc.: Our company was declared
an essential business. We have remained open, crafting and
implementing procedures and practices to proactively provide a
safe and healthy workplace, and meet our customer needs. We
developed new products to support the COVID-19 response. For
example, we are manufacturing the flat wire that is used in the
N-95 mask construction. We also developed an in-house production
operation to create facial masks.
Michael Lulofs, Sumitomo Machinery Corp. of America:
Our priorities have not shifted during this time. Our CEO has
shared with our staff the following priorities since the beginning
of the pandemic: 1) The health and well-being of our employees;
2) Meeting the needs of our customers; and 3) Maintaining the
financial health of our company.
Kelly Mutuc, Novaspect, Inc.: We're still monitoring the
impact; however, our commitment is that we will not make any
changes to our benefit plans. We have offered some training and
incorporated the CARES [Coronavirus Aid, Relief and Economic
Security] Act regulations. We have also moved to mostly remote
working situations, so we're balancing that and business needs.
Haydee Kapetanakis, Tingley Rubber Corp.: Tingley
Rubber's priorities haven't really changed, but our business has
been impacted in both positive and negative ways. The company
continues its commitment to the well-being of employees and
their families. Additionally, we acknowledge the stress parents
with children are facing and we're looking to make some reasonable
accommodations for them, as well.
PS: Has your financial wellness program been affected?
Lulofs: We implemented a new program-FinFit-in January.
We have seen 20% of staff register to utilize the service so far.
Dubose: We're fortunate to have an on-site health care clinic as a
cornerstone to our wellness program. Our clinic has seen over 700
patients for COVID-19. We expanded the clinic by adding a second
medical doctor and conducting an on-site COVID-19 test collection.
We saved our workers and their families thousands of dollars
by avoiding office visit co-payment and co-insurance charges.
Christine Pirri, Cobleskill Regional Hospital: To further
our financial wellness priorities, we added a student loan repayment
program in June. Cobleskill worked with TIAA to launch
SAVI-a student loan forgiveness program-to assist employees
with managing school debt.
Mutuc: We're doing a WebEx series with adviser UBS on
COVID-19 and retirement planning, as well as overall planning
in times of uncertainty.
PS: What are your
thoughts on emergency savings
account programs to keep participants from dipping
into their retirement plan for loans?
Dubose: Our Retirement Team met on this issue, to ensure all
employees have an emergency savings account. We've provided
two bonuses since March and are encouraging employees to use
those as seed money for their rainy day fund. We'll add this idea
to our financial wellness communication campaign plan.
Kapetanakis: We feel strongly that our current compensation
and group benefit plans are very competitive and our employees
feel financially supported. Our next trustee meeting is scheduled
for November, and subjects like this will be discussed.
PS: Might you have a positive experience to share about
working with your providers during the pandemic?
Pirri: Our adviser
immediately provided virtual one-on-one
education sessions. When the CARES Act was being debated, our
recordkeeper walked us through the implications if we adopted or
chose not to adopt it, and then provided a detailed webinar very
quickly after the act was passed.
Kapetanakis: Our advisers hosted a virtual educational session,
which spoke to longer-term investment strategies and maintaining
calm during the storm. Our receiving this award would not have
been possible without our advisers' overall support and guidance.
-Judy Faust Hartnett
48 PLANSPONSOR.COM August - September 2020
http://www.PLANSPONSOR.COM
PLANSPONSOR - August/September 2020

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