2023 Best in Class 401(k) Plans | Winner
Doyon 401(k) Savings & Retirement Plan
| Plan name | Doyon 401(k) Savings & Retirement Plan |
| Location | Fairbanks, Alaska |
| Asset size ($MM) | $100 million - $200 million |
| Participants | 1,000 - 4,999 |
| Industry | Oil & Gas/Energy |
| Participation rate | 97% |
| Average deferral rate | 5% |
| # of funds offered | 21 |
| Investment review | Quarterly |
| True-up match | Yes |
| Match vesting period | Immediately upon enrollment |
| Eligibility | Within 3 months of employment |
| Default deferral rate | 2.6-3% |
| Default investment | Target-date Fund (all types) |
| Automatic escalation | Exactly 1% |
| Systematic withdrawals | Yes |
| Fee equalization | No, but we are currently trying to understand the impact and may develop one in the future |
| 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 | No |
Tax/Estate planning | No |
Retiree health costs/savings options​ | No |
| Recordkeeper | Charles Schwab |
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