Nancy Anglin
Vice President, Human Resources and Corporate Administration
  • Plan(s)
    401(k)
  • Total Plan Assets
    $82.5MM
  • Number of Participants
    461
  • Participation Rate
    88.2%
  • Average Deferral Rate
    8.02%
  • Default Deferral Rate
    6%
  • Default Investment
    Target-date fund for those under age 55; managed account for those 55 and up
  • Automatic Enrollment
  • Automatic Escalation
  • Employer Contribution
    100% of 6%
  • Provider(s)
    Recordkeeper, Prudential Retirement; adviser, Lockton Retirement Services
  • Financial Wellness Educator(s)
    Prudential Pathways

The plan was able to reduce its average weighted expense from 77 basis points in 2013 to 55 basis points last year.

Nancy ANglin, vice president of human resources (HR) and corporate administration at Citation Oil & Gas Corp. in Houston, says the evolution of the company’s retirement plan is what strikes her as its greatest accomplishment.

“When I joined the company, in 2000, I worked for three of the company’s founders,” Anglin says. “We had 300 employees then and 500 today. The company was doing very well but not anticipating growth. The greatest thing that happened was when one of the founders brought in one of his sons, in 2002, to run the company. Not only did it take a different direction, but so did the plan.”

Anglin was able to convince this new leadership team to move the plan to automatically enroll participants at a 6% deferral and to move the company match from 3% to 6%. “Everyone takes advantage of that match,” she notes. “That was our first true change to the plan.”

Citation Oil & Gas then hired Lockton as its retirement plan adviser and Prudential Retirement as its recordkeeper. “They helped us see what we could do.”

Together, they worked on reducing the plan’s recordkeeping fees by 40% and improving the fund lineup, Anglin says.

Because of the range of ages in the company workforce, the plan committee next decided to offer pre-tax, Roth and after-tax options.

“Educating people about these options is difficult,” Anglin says. “So, we set up Brainshark videos, for small groups of employees at a time. Prudential also offered online information about them.”

Anglin says the next order of business was to offer financial wellness to participants. The company decided to do this through a lunch-and-learn format, covering such topics as setting up a will and creating a budget. “It was extremely well-received,” she says. “So we created a second series and will be kicking it off in April for other employees who were unable to attend the first two sessions.”

Lee Barney

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