WHOOP

FINALIST

Location:

Boston, Massachusetts
Industry:

Manufacturing
Plan(s) Offered:

401(k)
Plan Assets:

$30M
Number of Participants:

508
DC Plan Participation Rate:

69%
DC Plan Average Deferral Rate:

11%
Automatic Enrollment:

Yes
Automatic Escalation:

Yes
Default Deferral Rate for Auto-Enrollment:

3%
Default Investment Fund:

Target-date funds
DC Plan Employer Contribution:

100% of 5%
Recordkeeper:

Principal Financial Group
Plan Adviser:

Graystone Consulting from Morgan Stanley
Financial Wellness Educator(s):

Graystone Consulting from Morgan Stanley

To support the rapid growth of Whoop, a wearable technology company, and its young workforce, the retirement plan committee comprehensively modernized the plan. Via a request for proposals, the team chose a new recordkeeper, for its scalability of platform, fiduciary support and participant offerings. The overhauled plan features automatic enrollment, automatic escalation, a 100% match of 5%, and low-cost institutional investment funds and collective investment trusts, replacing commission-based funds. A multichannel education and financial wellness program ups engagement.

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