2022 Best in Class 401(k) Plans | Winner
American Family 401(k) Plan
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Plan name | American Family 401(k) Plan |
Location | Madison, Wis. |
Asset size ($MM) | $1.9 Billion |
Participants | 18,262 |
Industry | Fortune 300/Insurance/Reinsurance |
Participation rate | 94% |
Average deferral rate | 8% |
# of funds offered | 11 |
Investment review | Yes |
True-up match | Yes |
Match vesting period | Immediately upon enrollment |
Eligibility | Immediately upon hire |
Default deferral rate | 5% |
Default investment | Target-date Fund (all types) |
Automatic escalation | Yes - but participation is voluntary and participants must opt in to auto escalation |
Systematic withdrawals | Yes |
Fee equalization | Yes – a policy is in place |
Match Rate | 51%-99% of first 6% of salary |
% receiving full match | All or nearly all participants (90% or more) |
Maximum employer contribution | 4% |
Financial Education | |
Saving/Budgeting | Yes |
Investing strategies | Yes |
College saving | Yes |
Credit/Debt management | Yes |
Tax/Estate planning | Yes |
Retiree health costs/savings options​ | Yes |
Recordkeeper | Empower Retirement |