June 07, 2012
--- At the 2012 PLANSPONSOR National Conference, plan
sponsor panelists shared their retirement plan success tactics, such as
mandatory enrollment meetings and personalized communication. ---
Buchtman, controller at Fort Wayne Metals Research Products Corp., said his
company requires employees to attend annual open enrollment meetings for its
401(k) plan, and those who opt out must complete an acknowledgment form. “Our
ultimate goal is 100% participation,” Buchtman said. “We know we may never get
there but that’s what we try to achieve.”
company has 95% participation, including full-time and part-time employees—part-timers
make up about 8% of the company’s work force. The company match is 50% up to 7%
of base salary, and the plan also offers profit sharing at 2% of
said the mandatory annual enrollment meetings are important for targeting those
who may have reduced or stopped their contributions because of the economy or
other financial issues. The company also targets employees over age 50.
Lowry, benefits division chief of the Fairfax County government in Virginia,
said it is important for employees to have individualized retirement readiness
goals because different age groups have different needs. “We are challenged by
an evolving work force,” she said.
instance, the younger work force is more transient than older generations and therefore
may have several retirement plans throughout their lives.