PLANSPONSOR - February/March 2019 - 36

PLAN SPONSOR
FINALISTS
Corporate 401(k) Plan >$50mm - $100mm Finalists
Almac Group, Inc. Souderton, Pennsylvania
Almac Group, Inc., a pharmaceutical R&D services company, operates 24/7 across three shifts in multiple
states. Over the course of the last several years, the company has made systematic improvements to its
401(k) plan. First, it created a committee to make fiduciary decisions, then developed a guiding charter and
investment policy statement (IPS) to ensure participants' best interests take precedence. The company shortened
the plan eligibility period from six months to a worker's start date, implemented automatic features and
re-enrolled employees. It also hired an independent plan consultant, on a flat-fee basis, negotiated lower
fees with its recordkeeper and absorbed some of the plan administration fees-saving participants over
$400,000 since 2014. Consistent education campaigns for employees, including new-employee orientation,
increased the average deferral rate from 4.5% in 2010 to 7.84% last year; participation increased from
49% to 95% over the same period. RECORDKEEPER: Fidelity Investments; ADVISER: Centurion Group
Badger Mining Corporation Berlin, Wisconsin
Badger Mining Corporation, a producer of silica industrial sand products, has a culture where associates
strive to save as much as possible in the retirement plan. The plan is available to all employees ages 20 and
older who work for the company at least one hour a year. And, while 130 of its 344 associates have worked
there under five years, the plan's average account balance is $155,019.
The company auto enrolls at a
6% deferral and uses an auto increase of 1% per year with a cap of 90%. Often, new hires already know
good retirement saving habits, having learned them working for Badger in the summers while in college. The
employer matches 100% of the first 4% and 50% of the next 2%. With an average deferral rate of 10.28%,
participants get to an average savings of 14.5% that includes both employer and employee contributions.
Badger provides a quarterly cash bonus based on company profitability. Associates are encouraged to
defer part of it to their 401(k). RECORDKEEPER: Fidelity Investments; ADVISER: Spectrum Investment Advisers
SRC Holdings Corp. Springfield, Missouri
SRC Holdings Corp. is the oldest employee-owned remanufacturer for original equipment manufacturers
in North America and has provided a 401(k) plan and an employee stock ownership plan (ESOP) to its
associates for over 30 years. The company matches 100% up to 5% each year to the 401(k), as well as
6% to 8% of each employee's compensation to that individual's ESOP account. SRC expresses the belief
that if it treats its employees well and shares its success with them, everyone succeeds. What especially
propels the ESOP to success is the employer's emphasis on ongoing education. SRC posts progress reports
on company goals achieved, in all of its buildings' community areas and includes front-line associates in
its regular staff meetings to teach them about " open book management " in business and financial literacy.
SRC also promotes individual financial planning for all of its associates. RECORDKEEPER: Milliman ADVISER:
BKD Wealth Advisors
Standard Process Inc. Palmyra, Wisconsin
Standard Process Inc.'s retirement plan originated in 1952, aiming to help employees retire comfortably.
Sixty five years later, the design had hardly changed. In 2016, the company, a producer of nutritional
supplements, partnered with Francis Investment Counsel to make improvements. Included were an overhaul
of the investment menu and a conversion from money-purchase pension plan/profit-sharing plan to 401(k)
safe harbor/profit-sharing plan. The company negotiated a more transparent and reduced fee structure with
its recordkeeper, J.P. Morgan, plus set automatic enrollment at a 5% default deferral rate and automatic
escalation up to 15%. Roth and Roth in-plan conversions were added to the plan. The qualified default
investment alternative (QDIA) was modified from 10-year to five-year incremented target-date funds (TDFs).
Through these changes, the plan kept a 99% participation rate and saw employee contribution rates rise
from 3% to 7.5%. RECORDKEEPER: J.P. Morgan ADVISER: Francis Investment Counsel
36 PLANSPONSOR.com February - March 2019
Rich Moore,
director of human resources
Lynn Sweet,
group benefits administrator
Laura Ruzicka,
vice president of finance
Kristi Sokol,
vice human resources
manager

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