Artisan Partners

When Artisan Partners—a global asset management firm headquartered in Milwaukee—established its 401(k) plan 30 years ago, it included a 100% matching contribution up to the IRS limit, which back then was $9,240. Today, the firm has grown to over 530 U.S. employees and has maintained the same matching formula the entire time: The plan matches 100% of pre-tax and/or Roth 401(k) contributions up to the current IRS elective deferral limit of $23,000, and 100% of matching contributions vest immediately.

“We uphold our people-first culture and focus on financial wellness,” says Keith Noller, director of total rewards, human capital, at the firm.

During a time when pension plans were being phased out, the generous match was one way to set employees up for retirement success, he says. The matching formula and personalized onboarding process “push employees into the plan,” he says.

Artisan Partners’ 401(k) plan has a 98% participation rate with an average deferral rate of nearly 12%, and 66% contribute up to the IRS limit. This would be an impressive feat on its own, but the plan achieves it without automatic features. “We have not found [them] necessary,” Noller says.

Artisan’s “high-touch approach for onboarding” is a factor, agrees Rita Heer, relationship manager at Schwab Retirement Plan Services. “It starts from the beginning—from the moment you join Artisan,” she observes.

The process includes the sponsor offering resources to new hires explaining the retirement plan’s features, as well as asking questions about the person’s plan contributions at previous employers, Heer says. As a result, nearly 100% of employees complete their 401(k) registration upon hiring.

With an employer in the financial services/banking industry, many of Artisan’s participants are investment savvy. So the sponsor concentrates on maintaining the momentum.

“What we try to focus on is continuing education to make sure everyone is aware of options available to them and understands important information such as changes to investment options and contribution limits,” Noller says.

Webinars and informational sessions with Schwab educate employees on how to participate through the personal brokerage window. The internal total rewards team also adds frequent educational posts and reminders on Slack.

“I just think it gives everyone flexibility to manage their retirement funds the way they would like,” Noller says of the brokerage window and notes that it lets employees invest in options that best suit their investing preferences. The brokerage window with Schwab, introduced in 2007, is a popular feature for Artisan employees—approximately 50% use it.

Other additions over the years have included Roth elective deferrals in 2010 and an after-tax option in 2020, which, Noller says, some employees had requested. Artisan also pays for all plan administration fees.

Looking to the future, Noller says, the sponsor is reviewing the optional provisions of the SECURE [Setting Every Community Up for Retirement Enhancement] 2.0 Act, taking a particular interest in student loan repayment options and matching Roth contributions.

“They go all the way for their employees, and we go all the way for them,” Heer says of Artisan Partners.

—Corie Hengst