PLANSPONSOR - February/March 2019 - 38

PLAN SPONSOR
FINALISTS
Corporate 401(k) Plan >$100mm - $500mm Finalists
Griffith Foods Group Inc. Alsip, Illinois
Griffith Foods Group Inc. helps its wholesale customers succeed in the food industry; it applies that same
level of care to engaging its workers in its Supplemental Retirement and Savings Plan. The company offers
no automatic features, but with the service it receives from adviser Raymond James, including educational
presentations, workshops and one-on-one financial advice for all participants-over half of the 804 have
received this-the same engagement is achievable, Griffith believes. The plan averages an 87% income
replacement ratio in retirement and a participant deferral rate of 7.6%. Along with the safe harbor match
and employee stock ownership plan (ESOP) contribution, a participant can annually receive 8% to 9%
from Griffith, plus make his own contribution. Participants' average length of service is over 10 years;
it is not uncommon for employees to retire at age 60 with enough income to last the rest of their life.
RECORDKEEPER: Wells Fargo; ADVISER: True North Retirement Partners of Raymond James
Harris Associates L.P. Chicago, Illinois
Investment adviser firm Harris Associates L.P. offers its employees a safe harbor 401(k) retirement plan,
with 3% match and 12% profit-sharing contributions. In 2016, the company added no-cost one-on-one
meetings, on company time. Last year, it implemented automatic enrollment starting with a 6% default
deferral that increases yearly by 1%, up to 10%. Further, it re-enrolled any participants deferring under
6% and added collective investment trusts (CITs) and target-date funds (TDFs) to its lineup. Harris covers
most plan costs, including self-directed brokerage account (SDBA) fees. Actively employed participants
pay only the fees for mutual funds in the SDBA. Once-employed participants pay a minimal account
fee, quarterly. Through these efforts and education, over two years, Harris upped participation from
81.4% to 93% and average deferral from 9.9% to 11.3%. The average account balance is $457,300.
RECORDKEEPER: Principal; THIRD-PARTY ADMINISTRATOR: Principal Securities
Short Elliott Hendrickson St. Paul, Minnesota
Short Elliott Hendrickson (SEH)'s goal is to provide great benefits-including a 401(k) and employee stock
ownership plan (ESOP)-to its employees. The ESOP lets this engineering and construction firm engage its
workers as owners, not just staff. Besides their average deferral of 8.9%, workers receive a 25% match of
their deferrals up to 6%, plus a 7.5% ESOP contribution. With almost 18% of their earnings in retirement
savings, employees are on a path to retirement readiness, say plan recordkeeper Fidelity Investments and
adviser intellicents investment solutions inc. SEH pays for recordkeeping/custodial services with a flat, perparticipant
fee instead of a percentage of assets; this saves the company $60,000 annually. Further, SEH
negotiated a fee decrease of 8% from Fidelity, effective this January. The 401(k)'s total fees, for investment
management, administration/recordkeeping, custody, trustee and advisory, etc., is 0.502% vs. a peer group
average of about 0.6%. RECORDKEEPER: Fidelity Investments; ADVISER: intellicents investment solutions inc.
West Bend Mutual Insurance Company West Bend, Wisconsin
West Bend Mutual Insurance Company aims to offer a retirement plan that enables long-term capital
accumulation-and a comfortable standard of living in retirement. Last year, the company raised its match
from half of 5% to two-thirds of 6%. This, coupled with its annual noncontributory deposit of 5% through
9% of gross pay, helps ensure the plan outpaces the competition's. West Bend's financial wellness education
gives associates a greater appreciation of their overall benefits package, which can improve productivity.
The program consists of on-site, monthly individual education sessions with a dedicated financial
adviser. Associates and their spouses can meet with the adviser annually. West Bend also hosts an
annual four-hour retirement seminar for associates and spouses. The rewards for all of these efforts are a
93.4% participation rate, 7.3% average deferral and $182,626 average account balance. RECORDKEEPER:
Fidelity Investments; ADVISER: CAPTRUST
38 PLANSPONSOR.com February - March 2019
Sue Corbett-Florian (retired
2018); Domenic Mascis,
payroll and retirement
benefits specialist
Gracie Inacay,
head of human resources
James Fraser,
chief financial officer
Michael J. Faley, senior vice
president, human resources
and administration

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PLANSPONSOR - February/March 2019

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