Welbro Building Corporation

Welbro Building Corporation improved its 401(k) plan, and participants’ retirement prospects, over the past three years through targeted plan design enhancements and stronger governance. Automatic enrollment and escalation, effective January 2025, boosted participation from 51.6% to 91% and doubled contributing participants. An employer match, introduced last April, raised the average saving rate from 2.9% to 6.8%. The plan also enhanced its fiduciary process through more regular plan reviews, fee benchmarking and a recordkeeper request for proposals. Proactively managing terminated participant accounts maintained the small-plan status, thus avoiding audits. Improved retirement readiness is apparent in the 15-point lifetime income score increase and zero outstanding loans.

Troy McArthur, vice president, human resources, Welbro Building Corporation

To get to know them better, PLANSPONSOR sent the 2026 Plan Sponsor of the Year winners a list of questions from which to choose four to answer. Below are responses from Troy McArthur on behalf of Welbro Building Corporation.

PLANSPONSOR: How does your organization’s leadership approach its commitment to employee retirement readiness and financial well-being?

Welbro: Our leadership views retirement readiness as part of taking care of our people and supporting long-term employee ownership. As a construction company and ESOP [employee stock ownership plan] organization with a wide variance of demographics among our employee population, we want saving to be easier, more meaningful and more automatic. Besides our ESOP contribution, we implemented a 50% weekly 401(k) match up to 6% of compensation and automatic enrollment at 4%, with 1% annual escalation up to 10%. We also enhanced fiduciary oversight through fee benchmarking, plan reviews and stronger governance practices, while expanding employee support through OneDigital’s Financial Education & Guidance program. The impact has been significant: Participation increased from 51.6% to 91%, and the average saving rate rose from 2.9% to 6.8%.

PLANSPONSOR: What aspect of your retirement plan offering are you most proud of?

Welbro: We are most proud that our plan design and governance enhancements produced measurable, employee-focused results. Auto-enrollment, annual escalation and a meaningful weekly employer match helped move our plan from modest participation and saving levels to a nationally recognized program. Additionally, the plan achieved a 15-point increase in its lifetime income score and has zero outstanding participant loans. With Welbro’s ESOP contribution, our program gives employees a further path to building long-term financial security.

PLANSPONSOR: What does winning Plan Sponsor of the Year mean to you and your employer? Will you publicize the win outside of the human resources/benefits team?

Welbro: Winning Plan Sponsor of the Year is meaningful recognition of Welbro’s commitment to improving employee retirement outcomes. These changes required investment, planning and a willingness to move beyond a basic plan design toward one that actively encourages participation, saving and long-term readiness. The award also validates our stronger governance approach, including enhanced fiduciary oversight, fee benchmarking and plan reviews, as well as our expanded employee education. For our company, it reinforces that our retirement program aligns with our employee-owner culture and values. We have shared the recognition beyond HR, including via many forms of media, because it belongs to the entire organization, and our employees should know their company is being nationally recognized for supporting their financial future.

PLANSPONSOR: In the past two years, what is one change or innovation in your plan design, governance or participant engagement that you believe has made a meaningful difference?

Welbro: The most meaningful change was implementing auto-enrollment into our plan rather than relying on education alone to prompt people to enroll. That and annual escalation have worked together to change participant behavior. What was first met with reluctance by our employee population is now embraced with enthusiasm.