PLANSPONSOR - February/March 2019 - 33

Corporate 401(k) Plan <$25mm Finalists
Northwoods Dublin, Ohio
The design of Northwoods' retirement plan, with its qualified automatic contribution arrangement (QACA)
provision and automatic features, does much to explain the plan's 94.2% participation rate and 9.4%
average contribution. Factor in the safe harbor match, and the average participant saves 13%. While
switching platforms to Empower in 2017, the human services software and technology firm re-enrolled all
participants to target-date funds (TDFs), also implementing an open-architecture investment platform, fee
leveling, enhanced reporting and employee engagement capabilities. Everhart Advisors fields employee
questions through group education, one-on-ones, a dedicated 800-number and emails, plus distributes a
monthly educational memo. Besides retirement readiness, it teaches about financial wellness, by way of
on-site workshop series. A fiduciary fitness program identifies weaknesses in the plan and remedies these
through education, diligence and process. RECORDKEEPER: Empower Retirement; ADVISER: Everhart Advisors
Phillips Companies Beavercreek Township, Ohio
Phillips Companies' goal is to retain quality employees and help provide them with a comfortable retirement.
While the company, a sand and gravel supplier, believed it had a high-quality 401(k) plan, it kept striving to
improve it. In 2017, it hired an independent, fiduciary-based investment advisory firm to oversee plan investments
and provide employee education. Adviser Anderson Financial helped streamline the fund lineup, get
overall costs in order and create a financial wellness program. Phillips' contributions to its plan includes a
3% safe harbor contribution, a 100% match on the first 4% of salary deferred, and a possible profit share up
to 4% of salary. When added to the 4% raise issued across the board with the latest plan design changes,
participants receive the same 15% potential contribution value as the former plan design, just with a greater
incentive to put more of their money in the retirement plan. This led to a 99% participation rate and average
employee deferral percentage topping 7%. RECORDKEEPER: Fidelity Investments; ADVISER: Anderson Financial
Reliance Savings Bank Altoona, Pennsylvania
Reliance Savings Bank has built a generous retirement plan that encourages participation. Ninety-eight
percent of employees defer at an average rate of 7.5%, and over 90% are either on track or approaching
the level needed to replace 70% of their pre-retirement income. The bank strives to ensure its participants
fully engage in the program and understand the benefit. They regularly are offered one-on-one support,
group seminars that promote overall financial wellness, and education about the services available through
their recordkeeper. The plan has a 90%-plus web registration rate, with 85% of participants having logged
on last year, as of September 30. Over 30% have also utilized the website's retirement wellness planner to
help with more advanced retirement preparation. The plan committee is structured uniquely, mixing executives,
middle management and customer-facing employees, to ensure all segments of the organization take
part in decisions. RECORDKEEPER: Principal; ADVISERS: Craig Kilmer and Robert Beck
Riddle's Group, Inc. Rapid City, South Dakota
Riddle's Group, Inc., is a family business, owning 60 retail
Christopher Carlson,
executive vice president and
chief operating officer
Brad Phillips,
plan administrator and
president
Susan Meier,
senior vice president, human
resource manager
jewelry stores in 10 states. It has made a
strong commitment to consistently benchmark its plan against industry standards and provide education
and retirement plan guidance, on company time and at recurring quarterly intervals, for all team members.
It engages the services of an Employee Retirement Income Security Act (ERISA) 3(38) investment manager
who provides investment services and conducts individualized and group education sessions; these are
tailored to Riddle's wide range of employees, who come from varied backgrounds and may not understand
investing and saving for retirement. The company provides targeted educational materials via direct mail,
email and internal postings on the company intranet site. As a result, 92% participate, and over 20% of
those save 10% or more-a real achievement in a retail environment where the industry average is nearer
52%. RECORDKEEPER: Wells Fargo; ADVISER: Sikich Retirement Plan Services
David Westergaard, plan
administrator, chief financial
officer, treasurer
PLANSPONSOR.com February - March 2019 33

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