PLANSPONSOR - May/June 2024 - 27

Nonprofit DC
<$100mm Finalists
Catholic Charities
of Maryland
Karen Funk, benefits and
human resources service
center manager
LOCATION: Baltimore, Maryland. PLAN TYPE:
403(b). PLAN ASSETS: $74.3mm. PARTICIPANTS:
2,505. PARTICIPATION RATE: 95.4%. AVERAGE
DEFERRAL RATE: 4.2%. EMPLOYER CONTRIBUTION:
4% nonelective.
To gauge the potential for pushback
before it added " retro-enrollment, "
Catholic Charities of Maryland created
focus groups, asking its workers how
they felt about the idea. As a result,
the plan introduced an annual automatic
increase for low contributors, and
automatic re-enrollment for nonparticipants.
The sponsor's success at
increasing enrollment and engagement
has inspired another local nonprofit to
follow suit.
Central Iowa Power
Cooperative
Memorea Schrader, vice
president, human resources
LOCATION: Des Moines, Iowa. PLAN TYPES:
401(k); defined benefit. PLAN ASSETS: $31.9mm.
PARTICIPANTS: 110. PARTICIPATION RATE: 100%.
AVERAGE DEFERRAL RATE: 12.1%. EMPLOYER
CONTRIBUTION: 50% of 7%.
Central Iowa Power, a cooperative
electrical energy provider, hosts
biannual retirement readiness seminars
for employees and their significant
other. This is just a piece of the " wellrounded
approach to financial education "
to which CIPC attributes employee
engagement and 100% participation.
In addition, over 80% of employees
have participated in individual advice
sessions to help them customize their
retirement account.
Fellowship
Evangelical Free
Church
Mike Long, executive director
of business, stewardship and
generosity ministries
LOCATION: Knoxville, Tennessee. PLAN TYPE:
403(b). PLAN ASSETS: $5.8mm. PARTICIPANTS:
69. PARTICIPATION RATE: 82%. AVERAGE
DEFERRAL RATE: 9%. EMPLOYER CONTRIBUTION:
100% of 6%.
Since the current plan committee at
Fellowship Church started working on
the plan, six years ago, participation
has nearly doubled. One helpful tool, it
found, is letting the plan's adviser invite
nonparticipants and any participants
making poor investment decisions for a
one-on-one meeting. Today, nearly 75% of
participants are on track to replace their
paycheck in retirement.
Fullsight, LLC
Elizabeth Jones, chief human
resource officer
LOCATION: Warrendale,
Pennsylvania. PLAN TYPES:
401(k); 457(b); 457(f). PLAN ASSETS: $80.6mm.
PARTICIPANTS: 554. PARTICIPATION RATE: 92%.
AVERAGE DEFERRAL RATE: 10.6%. EMPLOYER
CONTRIBUTION: 100% of 6% + up to 4%
discretionary, based on company performance.
With its generous match and discretionary
contribution, Fullsight, LLC, a
firm of engineers and consultants to the
mobility industry, was contributing up to
10% to employees' retirement accounts.
Even so, enrollment was declining, so
last July, the firm implemented automatic
enrollment for new hires and reenrolled
all nonparticipants and participants
deferring less than 6%. Replacing
mutual funds with collective investment
trusts has lowered some fees.
Nonprofit DC
>$100mm Finalists
The Culinary
Institute of
America
Shaynan Garrioch, chief
human resources officer
LOCATION: Hyde Park, New York. PLAN TYPE:
403(b). PLAN ASSETS: $214mm. PARTICIPANTS:
1,556. PARTICIPATION RATE: 96%. AVERAGE
DEFERRAL RATE: 8.5%. EMPLOYER CONTRIBUTION:
3% or 6% of salary per Social Security base +
100% match to 4%.
The Culinary Institute of America, a
college and culinary school, has made
consistent efforts to enhance its retirement
plan. Participation rates have
grown from 51% by over 40% through
use of automatic features, matching and
nonelective contributions and a Roth
option. The CIA's wellness program
includes incentives for optional meetings
with an independent counselor to help
participants complete a financial plan.
The Johns Hopkins
University Applied
Physics Laboratory
Kristine Frohman, head of
talent services
LOCATION: Laurel, Maryland. PLAN TYPES:
403(b); money purchase pension plan.
PLAN ASSETS: $4.9b. PARTICIPANTS: >12,000.
PARTICIPATION RATE: 98%. AVERAGE DEFERRAL
RATE: 10.3%. EMPLOYER CONTRIBUTION: 200%
of 4% + 2.5% nonelective.
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PLANSPONSOR - May/June 2024

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