Lincoln Electric System

FINALIST

Katie Lechner
Chief People Officer

Location:

Lincoln, Nebraska
Industry:

Utility
Plan(s) Offered:

401(k)
Plan Assets:

$250M
Number of Participants:

720
DC Plan Participation Rate:

98%
DC Plan Average Deferral Rate:

11%
Automatic Enrollment:

Yes
Automatic Escalation:

Yes
Default Deferral Rate for Auto-Enrollment:

5%
Default Investment Fund:

Vanguard Target Retirement
DC Plan Employer Contribution:

100% of 10%
Recordkeeper:

The Vanguard Group
Plan Adviser:

CAPTRUST
Financial Wellness Educator(s):

CAPTRUST; The Vanguard Group

Key enhancements to Lincoln Electric System’s 401(k) plan included implementing a student loan employer match under the SECURE [Setting Every Community Up for Retirement Enhancement] 2.0 Act, adding a self-directed brokerage option, and expanding financial advice services via the plan’s adviser—e.g., offering five days of in-person meetings. The investment committee meets quarterly to review investment performance, plan design, potential enhancements and fiduciary responsibilities; it keeps the administrative board or its finance committee regularly apprised, via the meeting documentation, of what it covered. The plan undergoes regular external and internal audits on a rotating four-year schedule.

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