PLANSPONSOR - May/June 2024 - 30

AWARDS | 2024 PLAN SPONSOR OF THE YEAR FINALISTS
The result was significant participation
growth: from 78% to 83% in the 401(k)
and 84% to 87% in the 457(b). 401(k)
deferrals rose from
78% to 83%.
Michigan Office
of Retirement
Services
Anthony Estell, executive
director, and Allison Wardlaw,
plan development and
compliance director
LOCATION: Lansing, Michigan.
PLAN TYPES: 401(k); 457(b).
PLAN ASSETS: $13.8b.
PARTICIPANTS: 243,705 in total. PARTICIPATION
RATE: 97%. AVERAGE DEFERRAL RATE: 10.7%,
401k); 7.7%, 457(b). EMPLOYER CONTRIBUTION:
100% of 5% + possible 4% each pay period.
The Michigan Office of Retirement
Services has long been proactive
in its plan design, adding automatic
enrollment in 2010 and automatic escalation
in 2014. Recently, the state prioritized
improving the financial wellness of its
predominantly female public employees-
almost 70%. Initiatives such as the sponsor's
Small Steps program made deferrals
surge-from 5.4% to 9.9%; 61% of
workers are now on track for retirement.
State of Oregon
(Oregon Savings
Growth Plan)
Jack Schafroth, program
manager
LOCATION: Salem, Oregon. PLAN TYPES: Defined
benefit; 457. PLAN ASSETS: $3.4b. PARTICIPANTS:
38,000. PARTICIPATION RATE: 48%. AVERAGE
DEFERRAL RATE: 9%. EMPLOYER CONTRIBUTION:
Varies by employer.
The Oregon Savings Growth Plan, open
to public workers whose employer participates,
in 2023 utilized a behavioral
reframing to motivate participants to
make plan contributions as a percent of
pay, vs. as a flat-dollar amount. Among
the results, over 1,000 participants-
13%-plus of all enrolled-made the
switch in the first few months after
implementation, and the participant
website saw a big jump in visits.
30 PLANSPONSOR.COM May - June 2024
Corporate DC
<$50mm Finalists
Bonfe's Plumbing,
Heating & Air
Service, Inc.
Andy Nelson, human
resources manager
LOCATION: South St. Paul, Minnesota.
PLAN TYPE: 401(k). PLAN ASSETS: $13.2mm.
PARTICIPANTS: 147. PARTICIPATION RATE: 95%.
AVERAGE DEFERRAL RATE: 10%. EMPLOYER
CONTRIBUTION: 100% of up to 5% + 3%
nonelective + eligible profit sharing.
Bonfe's Plumbing, Heating & Air Service,
a residential service provider, recognizes
the diverse needs of its workforce and
crafted its plan to both encourage participation
and maximize savings. Automatic
enrollment, at 10% of pay, and matching
employer contributions have been critical
drivers of the plan's success. Its education
program is designed to reach employees at
all levels of financial literacy.
Central Bank
Shelby John Enderwitz
executive vice president,
human resources
LOCATION: Houston, Texas.
PLAN TYPE: 401(k). PLAN ASSETS: $24.3mm.
PARTICIPANTS: 176. PARTICIPATION RATE: 93%.
AVERAGE DEFERRAL RATE: 8%. EMPLOYER CONTRIBUTION:
50% of up to 8% + profit sharing.
Central Bank, a provider of insurance,
investment and wealth management
services, boasts an impressive participation
rate and above-average employee
deferral rate. Offering immediate vesting
and a diverse investment lineup with
competitive fees, the bank prioritizes its
employees' financial security. Its financial
wellness plan includes webinars, educational
resources and personalized financial
planning advice.
Ohio Gratings, Inc.
John Bartley, president/CEO
and Karen Bartley, executive
vice president
LOCATION: Canton, Ohio.
PLAN TYPE: 401(k) nonelective profit sharing
plan. PLAN ASSETS: $44.0mm. PARTICIPANTS:
593. PARTICIPATION RATE: 96.8%. AVERAGE
DEFERRAL RATE: 6.4%. EMPLOYER CONTRIBUTION:
4% nonelective + discretionary annual profit
sharing.
Ohio Gratings, a producer of metal traction
flooring, made strategic moves to
enhance associate support and financial
wellness by appointing a new adviser
and recordkeeper. Recognizing a need,
the company implemented mandatory
one-on-one enrollment meetings to
address its associates' financial concerns.
Further, transitioning from a match
formula to an employer nonelective
contribution ensured that all employees
receive a foundational contribution to
their plan account.
Corporate DC
$50mm - $200mm
Finalists
Agfa HealthCare
Corporation
Kevin Wade, retirement and
pension manager, U.S.
LOCATION: Carlstadt,
New Jersey. PLAN TYPE: 401(k); PLAN ASSETS:
$177.4mm. PARTICIPANTS: 612. PARTICIPATION
RATE: 96%. AVERAGE DEFERRAL RATE: 13.6%.
EMPLOYER CONTRIBUTION: 100% of first 3% +
50% of next 3% + up to 3% discretionary.
Agfa HealthCare, a provider of digital
radiological imaging, employs some
creative methods to support retirement
saving. The plan committee will
hear claims of participants who believe
they are due more benefits under the
plan than they receive. Also, by creating
a custom hybrid design-using two
revenue-sharing funds-and switching
to funds in the lowest asset class, Agfa
cut participant fees by 17% to a flat $75.
Coffman
Engineers, Inc.
Ben Momblow, acting 401(k)
committee chair
LOCATION: Seattle, Washington.
PLAN TYPE: 401(k). PLAN ASSETS: $168.5mm.
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PLANSPONSOR - May/June 2024

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