Skytron

FINALIST

Davey Mehney
President, CEO and Owner

Location:

Grand Rapids, Michigan
Industry:

Medical equipment
Plan(s) Offered:

401(k)
Plan Assets:

$30M
Number of Participants:

211
DC Plan Participation Rate:

90%
DC Plan Average Deferral Rate:

6.8%
Automatic Enrollment:

Yes
Automatic Escalation:

Yes
Default Deferral Rate for Auto-Enrollment:

3%
Default Investment Fund:

T. Rowe Price Retirement target-date funds
DC Plan Employer Contribution:

20% of first 5% + safe harbor nonelective contribution + profit-sharing
Recordkeeper:

Empower
Plan Adviser:

TruSource Advisors at UBS
Financial Wellness Educator(s):

UBS

Skytron, a producer of medical devices, overhauled its retirement program, starting with liquidating illiquid assets to reduce costs and simplify recordkeeping. The financial wellness program—including educational sessions and one-on-one guidance—boosted engagement, contribution rates, and the average lifetime income score from 103 to 113. Participation reached 90%, with higher deferrals, 25% Roth usage and strong digital engagement. Further initiatives include reenrolling participants into target-date funds to improve investment outcomes, evaluating in-plan lifetime income options, and exploring an NQDC plan to promote benefit equity.

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