PLANSPONSOR - June - July 2022 - 19

BEST PRACTICES | 2022 PLAN SPONSOR OF THE YEAR WINNERS
Corporate DC $25mm-$70mm
Matrix Technologies, Inc.
Maumee, Ohio
A
t Matrix Technologies, Inc., a processdesign,
automation-and-informationsystem
engineering firm in Maumee,
Ohio, the operation of the retirement plan is a
personal matter for the company's most-senior
leaders, including CEO David Blaida.
" Our leadership and internal 401(k)
committee meet quarterly to review the plan
activity and address any new business, " Blaida
says, noting that the company's chief financial
officer, Daniel Pruss, proactively manages
and monitors the plan on a monthly basis,
supported by Lisa Behrendt, Matrix' director of
human resources, and other managers.
" The internal committee is always joined
by our plan recordkeeper from John Hancock
and our investment adviser from Everhart
Advisors, " Blaida says. " They provide us with
updates on the plan investments and any administrative
activity, and they present new plan
options to consider for adoption and ensure we
constantly benchmark our plan against others.
It's an all-hands-on-deck effort, and, in fact, we
have a wide cross-section of staff employees
also engaged in our 401(k) committee. "
Pruss says this combination of a balanced
internal team coupled with outside expertise
provides great oversight and ensures the plan
is taking regular action to address the needs of
participants in a timely and responsive manner.
Formal documentation on all meeting
activity and compliance is kept in excellent
order, according to Behrendt, who says that,
outside of the regular benchmarking of fees,
the plan also regularly seeks out formalized
quotes to ensure effective cost compliance.
Current expenses stand at 0.24% for investments,
0.07% for recordkeeping and administration,
and 0.12% for the total advisory fee.
This degree of engagement and oversight
has delivered a progressive and modernized
401(k) plan, Blaida says, pointing to its systematic
distribution opportunities, its Roth and
traditional 401(k) options, its safe harbor design,
its loan continuation features and the availability
of in-service withdrawals commencing
when the participant reaches age 63.
Becky McMillen, a senior relationship
manager at Everhart Advisors, who leads the
relationship with Matrix, says the plan is also
impressive by the numbers. It features automatic
enrollment at 5% of compensation, plus
automatic deferral increases up to 15%.
All together, these features have resulted
in a 98.2% participation rate and an overall
retirement readiness score of 77.5% across the
participant population. The investment menu
is streamlined, with 22 investment options and
both target-date-style funds and model portfolios
assembled in a custom manner by Everhart,
McMillen points out. With this in mind, she
credits the Matrix team for being a willing and
enthusiastic adopter of new ideas and emerging
best practices-for example, the provision of
retirement benefits to part-time workers.
" For some perspective, I've been here at
Matrix for 32 years, while the company is in its
42nd year of doing business, " Blaida says. " We
know our retirement program is successful
because there have been many people who
have successfully retired from [here] after a full
career-across all levels of the organization. I
just love to see that. It means we've retained
people long enough that they could build a real
career and reach a fulfilling retirement. "
Looking to the future, Behrendt says,
Matrix sees the strength of its retirement benefits
and overall compensation strategy as a
major recruitment tool.
" The benefits package is always being
enhanced, and we make sure to spread this
message, " she says. " [Something else] to
mention is that we believe people should
become eligible quickly and should vest immediately.
From the recruiting perspective, it's a
great draw to tell people they won't have to wait
those six months or a year to become vested in
the retirement plan. " -John Manganaro
Finalists
Rite-Solutions
Middletown, Rhode Island
University Health Alliance
Honolulu, Hawaii
Wharton-Smith, Inc.
Sanford, Florida
More on PLANSPONSOR.com/
awards/2022-plan-sponsor-year
Daniel Pruss, Chief Financial
Officer
" We know our
retirement
program is
successful
because
there have
been many
people
who have
successfully
retired from
[here] after a
full career ... "
PLANSPONSOR.COM June - July 2022 19
http://www.PLANSPONSOR.com/awards/2022-plan-sponsor-year http://www.PLANSPONSOR.com/awards/2022-plan-sponsor-year http://www.PLANSPONSOR.COM

PLANSPONSOR - June - July 2022

Table of Contents for the Digital Edition of PLANSPONSOR - June - July 2022

INSIGHTS
RULES & REGULATIONS
UPFRONT
2022 Plan Sponsor of the Year Winners
By Extension
Talent Management
The Best Line of Defense
Under-the-Radar Plan Errors
FIDUCIARY FORUM
INSIDE ANGLE
PLANSPONSOR - June - July 2022 - Cover1
PLANSPONSOR - June - July 2022 - Cover2
PLANSPONSOR - June - July 2022 - 1
PLANSPONSOR - June - July 2022 - INSIGHTS
PLANSPONSOR - June - July 2022 - 3
PLANSPONSOR - June - July 2022 - RULES & REGULATIONS
PLANSPONSOR - June - July 2022 - 5
PLANSPONSOR - June - July 2022 - 6
PLANSPONSOR - June - July 2022 - 7
PLANSPONSOR - June - July 2022 - UPFRONT
PLANSPONSOR - June - July 2022 - 9
PLANSPONSOR - June - July 2022 - 10
PLANSPONSOR - June - July 2022 - 11
PLANSPONSOR - June - July 2022 - 12
PLANSPONSOR - June - July 2022 - 13
PLANSPONSOR - June - July 2022 - 2022 Plan Sponsor of the Year Winners
PLANSPONSOR - June - July 2022 - 15
PLANSPONSOR - June - July 2022 - 16
PLANSPONSOR - June - July 2022 - 17
PLANSPONSOR - June - July 2022 - 18
PLANSPONSOR - June - July 2022 - 19
PLANSPONSOR - June - July 2022 - 20
PLANSPONSOR - June - July 2022 - 21
PLANSPONSOR - June - July 2022 - 22
PLANSPONSOR - June - July 2022 - 23
PLANSPONSOR - June - July 2022 - 24
PLANSPONSOR - June - July 2022 - 25
PLANSPONSOR - June - July 2022 - 26
PLANSPONSOR - June - July 2022 - 27
PLANSPONSOR - June - July 2022 - By Extension
PLANSPONSOR - June - July 2022 - 29
PLANSPONSOR - June - July 2022 - 30
PLANSPONSOR - June - July 2022 - 31
PLANSPONSOR - June - July 2022 - Talent Management
PLANSPONSOR - June - July 2022 - 33
PLANSPONSOR - June - July 2022 - The Best Line of Defense
PLANSPONSOR - June - July 2022 - 35
PLANSPONSOR - June - July 2022 - Under-the-Radar Plan Errors
PLANSPONSOR - June - July 2022 - 37
PLANSPONSOR - June - July 2022 - FIDUCIARY FORUM
PLANSPONSOR - June - July 2022 - 39
PLANSPONSOR - June - July 2022 - INSIDE ANGLE
PLANSPONSOR - June - July 2022 - Cover3
PLANSPONSOR - June - July 2022 - Cover4
https://www.plansponsordigital.com/plansponsor/march_april_2024
https://www.plansponsordigital.com/plansponsor/january_february_2024
https://www.plansponsordigital.com/plansponsor/november_december_2023
https://www.plansponsordigital.com/plansponsor/september_october_2023
https://www.plansponsordigital.com/plansponsor/july_august_2023
https://www.plansponsordigital.com/plansponsor/may_june_2023
https://www.plansponsordigital.com/plansponsor/march_april_2023
https://www.plansponsordigital.com/plansponsor/december_2022_february_2023
https://www.plansponsordigital.com/plansponsor/october_november_2022
https://www.plansponsordigital.com/plansponsor/august_september_2022
https://www.plansponsordigital.com/plansponsor/june_july_2022
https://www.plansponsordigital.com/plansponsor/excellenceawards_2022
https://www.plansponsordigital.com/plansponsor/april_may_2022
https://www.plansponsordigital.com/plansponsor/february_march_2022
https://www.plansponsordigital.com/plansponsor/december_2021_january_2022
https://www.plansponsordigital.com/plansponsor/october_november_2021
https://www.plansponsordigital.com/plansponsor/august_september_2021
https://www.plansponsordigital.com/plansponsor/june_july_2021
https://www.plansponsordigital.com/plansponsor/april-may_2021
https://www.plansponsordigital.com/plansponsor/february-march_2021
https://www.plansponsordigital.com/plansponsor/december-january_2021
https://www.plansponsordigital.com/plansponsor/october-november_2020
https://www.plansponsordigital.com/plansponsor/august-september_2020
https://www.plansponsordigital.com/plansponsor/june-july_2020
https://www.plansponsordigital.com/plansponsor/april-may_2020
https://www.plansponsordigital.com/plansponsor/february-march_2020
https://www.plansponsordigital.com/plansponsor/december-january_2020
https://www.plansponsordigital.com/plansponsor/october-november_2019
https://www.plansponsordigital.com/plansponsor/august-september_2019
https://www.plansponsordigital.com/plansponsor/june-july_2019
https://www.plansponsordigital.com/plansponsor/april-may_2019
https://www.plansponsordigital.com/plansponsor/february-march_2019
https://www.plansponsordigital.com/plansponsor/december_2018-january_2019
https://www.plansponsordigital.com/plansponsor/october-november_2018
https://www.plansponsordigital.com/plansponsor/august-september_2018
https://www.plansponsordigital.com/plansponsor/june-july_2018
https://www.plansponsordigital.com/plansponsor/april-may_2018
https://www.plansponsordigital.com/plansponsor/february-march_2018
https://www.plansponsordigital.com/plansponsor/december_2017-january_2018
https://www.plansponsordigital.com/plansponsor/november_december_2017
https://www.plansponsordigital.com/plansponsor/october_2017
https://www.plansponsordigital.com/plansponsor/september_2017
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