First State Financial Corporation

FINALIST

April Matalavy
 Senior Vice President, Chief Human Resources Officer

Location:

St. Clair Shores, Michigan
Industry:

Financial services/Banking
Plan(s) Offered:

401(k); Roth individual retirement accounts; health savings accounts
Plan Assets:

$44.5M (total)
Number of Participants:

248
DC Plan Participation Rate:

97%
DC Plan Average Deferral Rate:

7.7%
Automatic Enrollment:

Yes
Automatic Escalation:

Yes
Default Deferral Rate for Auto-Enrollment:

4%
Default Investment Fund:

Vanguard target-date funds
DC Plan Employer Contribution:

100% of 4% + 3% discretionary
Recordkeeper:

Fidelity Investments
Plan Adviser:

SJE Retirement
Financial Wellness Educator(s):

Fidelity Investments; GreenPath

Left to right, Mark Jansen, CEO; April Matalavy, CHRO; Phil Ruggeri, CFO.

First State Financial Corporation, a provider of commercial and retail banking services, says its biggest initiative in the past two years has been changing recordkeepers. This resulted in 94% of employees, as of last September 30, saving at a rate of least 10% between their deferrals and the employer match. Plan participation is now 97%. Besides providing the new recordkeeper’s educational tools, webinars and dedicated support, the sponsor expanded withdrawal provisions for a variety of employee extraordinary and hardship needs. The sponsor offers two retirement income options, an emergency saving feature and annual one-on-one meetings with an adviser.

subscribe