2022 Best in Class 401(k) Plans | Winner
Karsten Manufacturing Corp.
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Plan name | Karsten Manufacturing Corp. |
Location | Phoenix, Ariz. |
Asset size ($MM) | >$200 million-$300 million |
Participants | 1,096 |
Industry | Manufacturing |
Participation rate | 98% |
Average deferral rate | 11% |
# of funds offered | 20 |
Investment review | Yes |
True-up match | Yes |
Match vesting period | 3 years |
Eligibility | Immediately upon hire |
Default deferral rate | 6% |
Default investment | Other: Appropriate target maturity date fund |
Automatic escalation | Yes - participants are defaulted into auto escalation at time of enrollment unless they opt out; all other participants can opt in at any time |
Systematic withdrawals | Yes |
Fee equalization | Yes – a policy is in place |
Match Rate | 50% of first 6% of salary |
% receiving full match | All or nearly all participants (90% or more) |
Maximum employer contribution | 5% |
Financial Education | |
Saving/Budgeting | Yes |
Investing strategies | Yes |
College saving | |
Credit/Debt management | Yes |
Tax/Estate planning | Yes |
Retiree health costs/savings options​ |
Recordkeeper | Charles Schwab |