RECORDKEEPER EMPLOYER: Empower Retirement
TENURE WITH COMPANY: 18 years
BIO: Edward Homer, senior relationship manager at Empower Retirement in Andover, Massachusetts began his career in plan administration in 1997, gaining an understanding of the core operational needs of clients. He later transitioned to client management, where he maintains a proactive, consultative role with the companies he serves.
CLIENT: Mission Linen Supply, Santa Barbara, California
PLAN TYPES: 401(k) and nonqualified deferred compensation
PLAN SIZE: $43 million
PLAN PARTICIPANTS: 805
“Edward Homer was and continues to be a driving force behind … improvement, encouraging and pushing us to continue to improve our plan,” says Brad Champagne, director of compensation and benefits at Mission Linen Supply in Santa Barbara, California.
Although Homer has been senior relationship manager on the Mission Linen Supply plan for less than three years, his influence was immediately felt. Within his first year working with the company, it saw its retirement plan participation rate increase by 12 percentage points—from 68% to 80%. Today, that number stands at 92%, and Mission Linen Supply credits him for the continued growth.
“My goal as a relationship manager is to help my clients build the most effective and successful retirement plan for their employees,” says Homer, an employee of Empower Retirement.
His insight and expertise within the retirement planning industry are highlighted through his work with Mission Linen Supply. The company has been Homer’s client since it changed providers at the beginning of 2012. Champagne says Homer was “actively involved in the conversation” of how to improve the company’s retirement plan offering from the moment of signing.
At the first 401(k) committee meeting he held with his new client, Homer reviewed plan metrics and asked what the company goals were for the plan. “At the time, our participation rate was around 68%, and we stated we wanted to increase that to 78% by the end of the year,” Champagne notes. “Ed didn’t blink and immediately set out coordinating a multifaceted plan to help us reach the goal.”
To improve the plan participation for this client, Homer devised a plan strategy including company-specific marketing materials, plan design changes and an extensive education campaign. “Ed facilitated and coordinated all facets to make the updates as painless as possible for us,” Champagne says.
Details of the education campaign included custom printed materials and on-site meetings. Homer also pushed for the inclusion of plan features such as automatic escalation and facilitated their implementation. The combined comprehensive planning and attention to detail paid off for his client. Champagne concludes, “We surpassed our goal and ended the year with an 80% participation rate.”
“I’m fortunate to work with an outstanding operations team, so I feel like we’re always delivering service excellence,” says Homer. “Once we deliver on key service items, we can really work toward the ultimate goal: to help employees replace the income they make while working, and for our clients to offer a retirement benefit that can help them attract and retain the most talented employees.”
Homer maintains an ongoing effort to improve the business, suggesting and helping implement additional education, marketing and plan design changes. Mission Linen is proud to say it continues to see its participation rate grow.
In addition to the long-term proposals and projects he maps out for Mission Linen Supply, Homer also supports its day-to-day plan operations. The client, in turn, commends the ample hours, purposeful efforts and calculated decisions that he has shared with it. “In short, our plan and employees are in a much better place due to Ed’s active involvement,” Champagne says. —Noel Couch
Although Homer has been senior relationship manager on the Mission Linen Supply plan for less than three years, his influence was immediately felt. Within his first year working with the company, it saw its retirement plan participation rate increase by 12 percentage points—from 68% to 80%. Today, that number stands at 92%, and Mission Linen Supply credits him for the continued growth.
“My goal as a relationship manager is to help my clients build the most effective and successful retirement plan for their employees,” says Homer, an employee of Empower Retirement.
His insight and expertise within the retirement planning industry are highlighted through his work with Mission Linen Supply. The company has been Homer’s client since it changed providers at the beginning of 2012. Champagne says Homer was “actively involved in the conversation” of how to improve the company’s retirement plan offering from the moment of signing.
At the first 401(k) committee meeting he held with his new client, Homer reviewed plan metrics and asked what the company goals were for the plan. “At the time, our participation rate was around 68%, and we stated we wanted to increase that to 78% by the end of the year,” Champagne notes. “Ed didn’t blink and immediately set out coordinating a multifaceted plan to help us reach the goal.”
To improve the plan participation for this client, Homer devised a plan strategy including company-specific marketing materials, plan design changes and an extensive education campaign. “Ed facilitated and coordinated all facets to make the updates as painless as possible for us,” Champagne says.
Details of the education campaign included custom printed materials and on-site meetings. Homer also pushed for the inclusion of plan features such as automatic escalation and facilitated their implementation. The combined comprehensive planning and attention to detail paid off for his client. Champagne concludes, “We surpassed our goal and ended the year with an 80% participation rate.”
“I’m fortunate to work with an outstanding operations team, so I feel like we’re always delivering service excellence,” says Homer. “Once we deliver on key service items, we can really work toward the ultimate goal: to help employees replace the income they make while working, and for our clients to offer a retirement benefit that can help them attract and retain the most talented employees.”
Homer maintains an ongoing effort to improve the business, suggesting and helping implement additional education, marketing and plan design changes. Mission Linen is proud to say it continues to see its participation rate grow.
In addition to the long-term proposals and projects he maps out for Mission Linen Supply, Homer also supports its day-to-day plan operations. The client, in turn, commends the ample hours, purposeful efforts and calculated decisions that he has shared with it. “In short, our plan and employees are in a much better place due to Ed’s active involvement,” Champagne says. —Noel Couch
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