PLANSPONSOR - February/March 2020 - 24

AWARDS | 2020 PLANSPONSOR BEST IN CLASS 401(k) PLANS
2020 Best in Class 401(k) Plans
Methodology. The 2020 Best in Class 401(k) plans were selected from the 2,870 that
responded to the 2019 PLANSPONSOR Defined Contribution (DC) Survey. Also,
because plans must requalify every five years to maintain their Best in Class status,
the 29 Best in Class plans from 2015 were likewise reviewed. All plans were rated
using a proprietary system that weighted usage/implementation of 35 criteria related
to plan design, oversight/governance and participant outcomes. Plan attributes were
assigned points based on each feature's correlation to improved participant/plan
outcomes-e.g., plans with immediate vesting received higher scores than plans with
three-year vesting schedules. Based on the maximum score that plans could receive,
only those in the top quartile were considered Best in Class and joined the list of prior
winners of this designation. If you would like to be considered for the Best in Class
401(k) plan next year, please contact angela.marinakis@issmediasolutions.com to take
our annual Defined Contribution (DC) Survey.
Allegion
(Carmel, Indiana)
>$500mm-$1b / 1,000-4,999 participants / Precision Instruments
91%
ELIGIBILITY:
7.4% DEFAULT DEFERRAL RATE:
10
Quarterly
Yes
MATCH VESTING PERIOD:
MATCH RATE:
% RECEIVING FULL MATCH:
Immediate
100% of first 6% of salary
50% - 75%
DEFAULT INVESTMENT:
AUTO-ESCALATION:
PARTICIPATION RATE:
AVG DEFERRAL RATE:
# OF FUNDS OFFERED:
INVESTMENT REVIEW:
TRUE-UP FEATURE:
Immediate
2%
SYSTEMATIC WITHDRAWALS:
FEE EQUALIZATION:
TDF* (all types)
Opt-in
No
No
MAX EMPLOYER CONTRIBUTION:
6%
FINANCIAL EDUCATION:
o Saving/Budgeting o Investing strategies o Tax/Estate planning
o College saving o Credit/Debt mgmt o Retiree health costs/savings options
RECORDKEEPER:
Fidelity Investments
Alliant Energy
(Cedar Rapids, Iowa)
>$1b / 4,500 participants / Utilities
94.6%
American Century Investments /
American Century Retirement Plan (Kansas City, Missouri)
$815mm / 2,171 participants / Financial Services
98%
PARTICIPATION RATE:
AVG DEFERRAL RATE:
# OF FUNDS OFFERED:
INVESTMENT REVIEW:
TRUE-UP FEATURE:
MATCH VESTING PERIOD:
MATCH RATE:
% RECEIVING FULL MATCH:
ELIGIBILITY:
10% DEFAULT DEFERRAL RATE:
27
Quarterly
Yes
Immediate
DEFAULT INVESTMENT:
AUTO-ESCALATION:
Immediate
5%
SYSTEMATIC WITHDRAWALS:
FEE EQUALIZATION:
TDF (all types)
Opt-out
No
Yes
100% match of first 5% of total cash compensation
>90%
MAX EMPLOYER CONTRIBUTION:
15%
FINANCIAL EDUCATION:
o Saving/Budgeting o Investing strategies o Tax/Estate planning
o College saving o Credit/Debt mgmt o Retiree health costs/savings options
RECORDKEEPER:
Charles Schwab
PARTICIPATION RATE:
AVG DEFERRAL RATE:
# OF FUNDS OFFERED:
INVESTMENT REVIEW:
TRUE-UP FEATURE:
MATCH VESTING PERIOD:
MATCH RATE:
% RECEIVING FULL MATCH:
ELIGIBILITY:
11.3% DEFAULT DEFERRAL RATE:
14
Quarterly
Yes
Immediate
DEFAULT INVESTMENT:
AUTO-ESCALATION:
After 30 days
8%
SYSTEMATIC WITHDRAWALS:
FEE EQUALIZATION:
TDF (all types)
Opt-in
Yes
Yes
50% of the first 6% or 8% of salary based on benefit group
>75%
MAX EMPLOYER CONTRIBUTION:
3%-10%†
FINANCIAL EDUCATION:
o Saving/Budgeting o Investing strategies o Tax/Estate planning
o College saving o Credit/Debt mgmt o Retiree health costs/savings options
RECORDKEEPER:
Empower Retirement
Arjo Inc.
(Addison, Illinois)
>$50mm-$100mm / 500-999 participants / Medical Device Sales
95%
ELIGIBILITY:
7.7% DEFAULT DEFERRAL RATE:
21
Quarterly
Yes
MATCH VESTING PERIOD:
MATCH RATE:
% RECEIVING FULL MATCH:
Immediate
DEFAULT INVESTMENT:
AUTO-ESCALATION:
PARTICIPATION RATE:
AVG DEFERRAL RATE:
# OF FUNDS OFFERED:
INVESTMENT REVIEW:
TRUE-UP FEATURE:
Immediate
5%
SYSTEMATIC WITHDRAWALS:
FEE EQUALIZATION:
100% of the first 5% of salary
>75%
TDF (all types)
Opt-out
Yes
No
MAX EMPLOYER CONTRIBUTION: Not available
FINANCIAL EDUCATION:
o Saving/Budgeting o Investing strategies o Tax/Estate planning
o College saving o Credit/Debt mgmt o Retiree health costs/savings options
RECORDKEEPER:
John Hancock
*Target-date fund. †Based on Benefit Group.
Note: Match rates and employer contributions are simplified for reporting purposes and may have other attributes (e.g., caps/limits, tiers, etc.) not listed here.
24 PLANSPONSOR.COM February - March 2020
http://www.PLANSPONSOR.COM
PLANSPONSOR - February/March 2020

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