PLANSPONSOR - January - February 2024 - 40

PLAN PROFILE | A 2017 PLAN SPONSOR OF THE YEAR
Continuous Good Service
JX Enterprises, 2017 winner Corporate 401(k) >$10mm - $50mm
I
n 2021, JX Enterprises had its
third generation of family ownership
join the workforce; current
president and CEO Eric Jorgensen is
the second generation. Founded in
1970 and headquartered in Hartland,
Wisconsin, the company owns a network
of heavy-duty and medium-duty
truck dealerships and support services
across four Midwestern states.
In 2017, when JX was named
Plan Sponsor of the Year in the 401(k)
greater than $10 million through
$50 million category, Richard
Yezzi, then vice president of human
resources, said, " We had a hard time
getting people to enroll. There wasn't
a good understanding of [the plan].
We weren't doing anything to drive
engagement and understanding of
what it could mean for employees. "
The company credited its plan's
success to a redesigned educational
program, which effectively addressed
these challenges.
Advisory firm UBS Institutional
Richard Yezzi, vice president of operations, JX Enterprises
Consulting Group and recordkeeper Transamerica Retirement
Solutions continue to support the plan, seven years later. " The
education program has evolved since 2017, " says Yezzi, now vice
president of operations. " We're taking advantage of technology to
deliver education and personalized guidance to the employees. "
Past trainings are available in the learning portal, called JX
University. " We can see which courses get the most views, " Yezzi
says. This guides the company in choosing new topics.
PLAN SNAPSHOT
PLAN SPONSOR: JX Enterprises, Inc., Hartland, Wisconsin
PLAN ASSETS: $66.5 million
PARTICIPANTS: 1,200
AVERAGE DEFERRAL RATE: 7.6%
About Bruce
Lanser, senior
retirement plan consultant at UBS,
Yezzi says, " Bruce has been the JX
Enterprises plan adviser for at least
12 years. He's been insightful and
resourceful for us in finding new
ways to engage people, to get people
to enroll and plan for their future. "
One method Lanser uses is
preparing and distributing podcasts
on topics pertinent to the employees.
" These podcasts are an extension of a
monthly email we send out, " Modern
Retirement Monthly, " Lanser says.
The biggest plan change since
2017, Yezzi says, was that the new
retirement plan committee stopped
the annual automatic re-enrollment.
" They were not in agreement with
that approach. That has led to a drop
in our participation rate to what is
still, I consider, an impressive rate
of 94.5%. " Another change was
increasing the automatic escalation
cap from 10% to 15%.
Based on the SECURE [Setting
Every Community Up for Retirement Enhancement] 2.0 Act, JX
Enterprises will start an emergency savings plan as an option
this year. " The program will allow for penalty-free withdrawals
without having to prove a hardship, " Yezzi notes.
The company also changed its maximum employer contribution
from 3% in 2017 to 3.5 % today. The new formula is 100% of
the first 1% and 50% thereafter up to 6%. Additionally, JX has put
stricter limits on loans since 2017, now allowing for only one at a
time, excluding " legacy " loans still outstanding.
While there have been discussions over the years about lifePARTICIPATION
RATE: 94.5%
DEFAULT DEFERRAL RATE: 6%
EMPLOYER CONTRIBUTION: 100% of first 1%, 50% of 2% - 6%
time income, interest in offering an income solution has grown
since the SECURE Act of 2019 passed, Lanser says. " Whereas
previous discussions were very high-level and conceptual, we are
now discussing the specifics of product offerings. "
After winning the Plan Sponsor of the Year award, Yezzi
wrote in a release, " This means more to us than any other industry
awards we've received to date because it represents the impact we
have on those who rely on us. " This still holds true today, he says.
-Judy Faust Hartnett
40 PLANSPONSOR.COM January - February 2024
Art by Chris Buzelli
http://www.PLANSPONSOR.COM

PLANSPONSOR - January - February 2024

Table of Contents for the Digital Edition of PLANSPONSOR - January - February 2024

INSIGHTS
PARTICIPANT ANALYSIS
RULES & REGULATIONS
UPFRONT
What’s Around the Corner?
A Focus on Guaranteed Income
Navigating ESG
Are You on Track?
Demographic Shifts
Advice on Advice
Fiduciary Best Practices
2 Distinct Roles for When Sponsors Act
The DOL’s Not-So-New Fiduciary Rule
Continuous Good Service
PLANSPONSOR - January - February 2024 - Cover1
PLANSPONSOR - January - February 2024 - INSIGHTS
PLANSPONSOR - January - February 2024 - 1
PLANSPONSOR - January - February 2024 - 2
PLANSPONSOR - January - February 2024 - 3
PLANSPONSOR - January - February 2024 - PARTICIPANT ANALYSIS
PLANSPONSOR - January - February 2024 - 5
PLANSPONSOR - January - February 2024 - RULES & REGULATIONS
PLANSPONSOR - January - February 2024 - 7
PLANSPONSOR - January - February 2024 - 8
PLANSPONSOR - January - February 2024 - 9
PLANSPONSOR - January - February 2024 - UPFRONT
PLANSPONSOR - January - February 2024 - 11
PLANSPONSOR - January - February 2024 - 12
PLANSPONSOR - January - February 2024 - 13
PLANSPONSOR - January - February 2024 - 14
PLANSPONSOR - January - February 2024 - 15
PLANSPONSOR - January - February 2024 - What’s Around the Corner?
PLANSPONSOR - January - February 2024 - 17
PLANSPONSOR - January - February 2024 - 18
PLANSPONSOR - January - February 2024 - 19
PLANSPONSOR - January - February 2024 - 20
PLANSPONSOR - January - February 2024 - 21
PLANSPONSOR - January - February 2024 - A Focus on Guaranteed Income
PLANSPONSOR - January - February 2024 - 23
PLANSPONSOR - January - February 2024 - 24
PLANSPONSOR - January - February 2024 - 25
PLANSPONSOR - January - February 2024 - 26
PLANSPONSOR - January - February 2024 - 27
PLANSPONSOR - January - February 2024 - Navigating ESG
PLANSPONSOR - January - February 2024 - 29
PLANSPONSOR - January - February 2024 - Are You on Track?
PLANSPONSOR - January - February 2024 - 31
PLANSPONSOR - January - February 2024 - Demographic Shifts
PLANSPONSOR - January - February 2024 - Advice on Advice
PLANSPONSOR - January - February 2024 - 34
PLANSPONSOR - January - February 2024 - 35
PLANSPONSOR - January - February 2024 - Fiduciary Best Practices
PLANSPONSOR - January - February 2024 - 37
PLANSPONSOR - January - February 2024 - 2 Distinct Roles for When Sponsors Act
PLANSPONSOR - January - February 2024 - The DOL’s Not-So-New Fiduciary Rule
PLANSPONSOR - January - February 2024 - Continuous Good Service
PLANSPONSOR - January - February 2024 - Cover3
PLANSPONSOR - January - February 2024 - Cover4
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