2022 Best in Class 401(k) Plans | Winner
Van Andel Institute
![Best in Class 401(k) Plans](https://si-interactive.s3.amazonaws.com/prod/plansponsor-com/wp-content/uploads/2019/02/14113631/2019-BIC-401k-Plans-Profile-logo-.png)
Plan name | Van Andel Institute |
Location | Grand Rapids, Mich. |
Asset size ($MM) | $50 million - $100 million |
Participants | 634 |
Industry | Life science, research and education |
Participation rate | 95% |
Average deferral rate | 8% |
# of funds offered | 18 |
Investment review | Yes |
True-up match | Yes |
Match vesting period | 3 years |
Eligibility | Immediately upon hire |
Default deferral rate | 5% |
Default investment | Balanced 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 | No, and we have no plans to research this in the short-term |
Match Rate | 100% of first 6% of salary |
% receiving full match | More than average (more than 50% but less than 75%) |
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 |