2023 Best in Class 401(k) Plans | Winner
Unitil
| Plan name | Unitil |
| Location | Hampton, New Hampshire |
| Asset size ($MM) | $100 million - $200 million |
| Participants | 500 - 999 |
| Industry | Utilities |
| Participation rate | 99% |
| Average deferral rate | 12% |
| # of funds offered | 15 |
| Investment review | Quarterly |
| True-up match | Yes |
| Match vesting period | Immediately upon enrollment |
| Eligibility | After 4 to 11 months of employment |
| Default deferral rate | 3.1-3.5% |
| Default investment | Target-date Fund (all types) |
| Automatic escalation | Exactly 1% |
| Systematic withdrawals | No |
| Fee equalization | Yes, a policy is in place |
| Match Rate | 100% of first 6% of salary |
| % receiving full match | All or nearly all participants (90% or more) |
| Maximum employer contribution | 10% |
| 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 | John Hancock |
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