PLANSPONSOR - May - June 2023 - 25

has committed to extensively improving
the plan. The committee keeps plan fees
low, results high, participants saving, and
services transparent so participants know
what they are getting, the plan sponsor
says. It changed the service-based match
from a six-year vesting schedule to immediate
and implemented fee leveling via a
zero-revenue-share fund lineup to ensure
fee transparency. It also conducted a target-date fund fit analysis,
leading to the selection of a new TDF series that better suited
participant demographics. This reduced expenses for the TDF
series from approximately 47 to 9 basis points.
Jenna Lampson,
President & CEO
Shentel
Edinburg, Virginia
Shentel, a provider of phone, internet and
cable TV services in the Shenandoah Valley,
takes pride, the company says, in making
decisions that will help its employees
be
sufficiently prepared for
retirement.
took its 401(k) investing options and education to the next
level. Fifty percent of participants are now in a professionally
managed solution, and many have capitalized on the after-tax
Roth conversion option.
Halma Holdings
Summit, New Jersey
Halma Holdings, a safety, health and
environmental
markets
technology
Executive leadership is actively involved
in the committee meetings, which allows
for a tactical give and take of insights regarding the retirement
program's strengths and opportunities. The company contributes
a total of 8% to employee accounts by way of a 3% match,
3% discretionary/profit sharing contribution and 2% safe harbor
contribution. Last year, this telecommunications company implemented
a managed payout program to assist in transforming lifetime
savings into consistent income.
Heather Tormey,
Chief Human
Resources Officer
Corporate DC
$150mm-$250mm Finalists
Biotronik/Micro Systems
Engineering
Lake Oswego, Oregon
Biotronik/Micro Systems Engineering, a
cardiology medical device company, has
high-earning employees who understand
the value of the 401(k) plan. The participation
rate has ranged between 94%
and 96% over time. Only 2.6% of active
employees do not receive the full benefit of the match, and the
average employee saving rate is 10.2%. With average incomes
of $105,000, many employees already have other brokerage
accounts and are familiar with investing, so the company
Richard Frazier, Senior
Director, Human
Resources
company, worked with Empower and
USI Consulting Group to cost-effectively
improve its retirement plan: It reduced the
waiting period for plan entry, increased
the match, accelerated vesting, raised the
automatic deferral amount, and plans to
add automatic rollover services this year. In addition, it beefed
up education programs for new and current participants and
made the information more accessible to employees who lack
daily access to a computer at work. By consulting with leaders
at each of its operating companies, Halma tailored communications
and education to each staff.
Paul Farmer, Global
Head of Employee
Benefits
Ingevity Corporation
North Charleston, South Carolina
Ingevity Corporation, a specialty chemical
company, has 94% participation in its
retirement plan. Over the past 12 months,
it significantly expanded what the plan
was offering. It launched a debt management
tool, added webinars and targeted
meetings, and provides all
employees
with access to a licensed financial planner at no cost; it is now
working to educate employees about how to take advantage of
these components. Ingevity recently acquired a business with
a less desirable plan-and subsequent low participation-and
prioritized enrolling new employees on day one. It now has
88% participation across the board.
Midwest Radiology, P.A.
Roseville, Minnesota
Midwest Radiology's retirement plan
has a 98% participation rate-part-time
employees included-and a 15.3% average
deferral rate. The company offers a 3%
match, which vests immediately, and 7%
profit sharing, which vests at 20% per year
of service. The plan has 32.6% retirement
wellness scores of 70 and above, whereas plans in this industry
Susan Truman, M.D.,
President/CEO
PLANSPONSOR.COM May - June 2023 25
Tamra Miller,
Benefits Manager
http://www.PLANSPONSOR.COM
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