Central Iowa Power Cooperative

FINALIST

Andrew St. John
Executive Vice President and CEO

Location:

Cedar Rapids, Iowa
Industry:

Utility
Plan(s) Offered:

401(k); defined benefit
Plan Assets:

401(k) – $41.4M
Number of Participants:

401(k) – 106
DC Plan Participation Rate:

100%
DC Plan Average Deferral Rate:

11.7%
Automatic Enrollment:

Yes
Automatic Escalation:

Yes
Default Deferral Rate for Auto-Enrollment:

7%
Default Investment Fund:

Principal Lifetime target-date fund
DC Plan Employer Contribution:

50% of 7%
Recordkeeper:

Principal Financial Group
Plan Adviser:

CAPTRUST
Financial Wellness Educator(s):

CAPTRUST

The 100% participation rate and 11.7% average deferral rate for the utility company’s 401(k) plan reflect strong employee engagement driven by education and support. The committee regularly reviews and adopts beneficial plan features. Employees receive ongoing financial education through annual location meetings, web-based trainings and one-on-one meetings with advisers. Every other year, the company provides a retirement readiness seminar for near-retirees and their significant other; education from a variety of sources discusses the financial demands, as well as the emotional struggles, of retirement, plus tips for retirement success.

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