Cindy Zils
Director of Human Resources
  • Plan(s)
    401(k)
  • Total Plan Assets
    $11.9MM
  • Number of Participants
    146
  • Participation Rate
    88.7%
  • Average Deferral Rate
    10.6%
  • Default Deferral Rate
    Not applicable
  • Default Investment
    Great-West Lifetime Index Series Trust
  • Automatic Enrollment:
  • Automatic Escalation:
  • Employer Contribution
    100% of 10%
  • Provider(s)
    Recordkeeper, Empower Retirement; Adviser, Adcock Financial Group; TPA, Florida Retirement Consultants
  • Financial Wellness Educator(s)
    My Financial Path from Empower; Adcock Financial Group


… administrative costs decreased 20% last year and the total cost to plan participants decreased 37%.

As a technology company—offering payment and invoice solutions for the alcoholic beverage industry—Fintech, in Tampa, Florida, obviously understands how technology is changing the way people get things done. For instance, employees want choices when making adjustments to their 401(k) accounts beyond the often cumbersome pen-and-paper method. They want the option of information literally at their fingertips on a smartphone or tablet. So last year, Fintech implemented a more tech-friendly process that allows its employees—many of whom are Millennials and some even Generation Z—to make changes to their accounts through their phones or computers. The goal was to reinvent the company’s 401(k) plan to reflect the culture of “Fintechers.” 

“If we’re going to be a technology company, we have to act like one in everything we do,” says Tad Phelps, the company’s CEO. 

With the help of investment adviser Adcock Financial Group, recordkeeper Empower Retirement and third-party administrator (TPA) Florida Retirement Consultants, Fintech was able to enhance technology and education in its plan, as well as reduce costs. 

The results have been significant: 86% of participants with a 401(k) balance have logged into their account within the past 12 months, up from 76% in 2018. Thirty-nine of them were first-time participants logging in.

“In my opinion, that’s a direct correlation from the outreach campaign,” says Chris Mulkey, relationship manager at Empower Retirement. “While you can interact with a computer or desktop, we don’t live in that world anymore,” he says of the benefits of mobile technology integration for participant engagement. 

Although the participation rate has consistently been high, around 90%, the sponsor wanted to focus on engagement with the plan and savings rate last year, Mulkey says.

Now, instead of having to be at a computer to access their 401(k) accounts, employees can bring the account with them via a mobile app from Empower. “They’re going right in there and changing their contributions or deciding why they want to be in a [certain] fund,” Phelps says. “Now they do it right on the spot.” 

Phelps says that although his company employs many Millennials, he doesn’t think the preference of mobile technology is just for younger generations. “We don’t think that’s specific to Gen Z and Millennials anymore. That’s just table stakes,” he says. “They’re looking at the 401(k) app when they want to have a conversation.”

Fintech also worked with Adcock Financial Group, which it hired for its advisory services about a year and a half ago, to integrate a 360 payroll bridge to the 401(k) plan that allows the sponsor to automate the enrollment and contribution change process. The company also reduced its advisory, recordkeeping and TPA fees. “We took that opportunity to really look at all our fees and negotiate them to a better level,” Phelps says, adding that administrative costs decreased 20% last year and the total cost to plan participants decreased 37%.

For financial wellness education, Fintech uses My Financial Path from Empower, a learning center that covers topics ranging from retirement readiness to debt management to saving for future purchases such as a home. Participants can also meet in person with the Adcock advisory team to discuss a variety of financial topics. 

In the past three years, the number of Fintech employees has doubled, but the company maintains its commitment to a generous match of 100% of the first 10% of employee contributions, as well as 100% employer-paid health insurance for employees and their childrenspouses aren’t includedand a health savings account (HSA) match of $1,000 for the employee, or $3,000 for the employee plus spouse and/or family. With such significant growth and maintaining the same match, company expenses obviously grow. “But it’s part of our culture and part of what we do,” Phelps says. 

As far as employees’ part of the 401(k) equation, Phelps says there’s a “culture of contributing” where it’s “not taboo to talk about [your] 401(k).” 

—Corie Hengst

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