PLANSPONSOR - May - June 2023 - 23

Public Defined
Contribution Finalists
Corporate DC
<$25mm Finalists
Massachusetts Office of
The Treasurer and Receiver
General
Boston, Massachusetts
According to the Massachusetts Defined
Contribution Plans department, within
the Massachusetts Office of the Treasurer
and Receiver General, the state " works diligently
to offer the most dynamic and effective defined contribution
plan to state and municipal employees. " As part of the
sponsor's ongoing review and analysis of its plan, it expanded
the investment options available to seasonal and part-time
employees to include its custom target-date funds and managed
account service. The expansion aims to provide long-term parttime
employees, ineligible for the state or municipal defined
benefit pension plan, an opportunity to choose investments in
keeping with their long-term savings needs.
Deborah Goldberg,
Treasurer
Tennessee Department
Of Treasury
Nashville, Tennessee
RetireReadyTN, operated for state employees
by the Tennessee Treasury Department,
combines the Tennessee Consolidated
Retirement System defined benefit plan,
deferred compensation plans and retirement
readiness education. Key goals are to integrate
the plan experience for the 210,000
participants and allow for a comprehensive education program.
The sponsor determined that participants are most apt to make
positive changes if they meet one-on-one with a licensed fiduciary.
So, it developed a strategy to engage high-need participants.
Its five-point plan, begun in 2021, involved providing: targeted
communications, meetings with the adviser, employee-adviser
partnering opportunities, the promotion of plan adviser meetings,
and monthly calls where any questions could be answered. A 16%
year-over-year decrease in high-need participants resulted.
Ashley Nabors,
Assistant Treasurer
of Financial
Empowerment
Comanco Environmental
Corporation
Plant City, Florida
Comanco Environmental Corporation
uses focused care, ongoing due diligence
and plan enhancement to make saving in
its 401(k) plan as productive as possible.
Each new employee of the environmental
construction company receives detailed
information about financial wellness and about how long-term
saving advances retirement readiness; they are also urged to meet
individually with the plan's adviser. Administrators share relevant
content about the plan quarterly to assist in educating the
employees about the plan and the investment market. In 2018,
the plan doubled its automatic-enrollment deferral rate from 3%
to 6%, adding annual automatic escalation, up to 10%. Further,
it raised its match to 50% of the first 6%, then 15% of every
additional dollar. Over the next four years, the average deferral
rate climbed from 4% to 9.32%, with approximately 40% of the
employees deferring 10% or more.
Christine Topp,
Vice President of
Administration
IFP Motion Solutions Inc.
Cedar Rapids, Iowa
Since establishing the 401(k) plan at IFP
Motion Solutions Inc. in 1977, the company's
CEO and founder has maintained an
active role, annually reviewing the plan's
performance with each employee and
evaluating the person's progress toward
Valerie Burns,
Human Resource
Director
achieving savings goals. IFP, which manufactures
and services motion control systems, has also shared
profits from the start and sees this average 7%-plus contribution
as both a selling point for recruiting new talent and a means to
help all eligible employees save whether they can contribute or
not. Part-timers may enroll in the plan, making deferrals after
90 days, though needing 1,000 hours of service in one year to
receive the match and profit sharing.
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