Laura Phelps
U.S. Human Resources and Benefits Manager
U.S. Human Resources and Benefits Manager
-
Location:Windsor, Connecticut
-
Industry:Manufacturing
-
Plan(s) Offered:401(k)
-
Plan Assets:$54.3M
-
Number of Participants:213
-
DC Plan Participation Rate:97%
-
DC Plan Average Deferral Rate:9.4%
-
Automatic Enrollment:Yes
-
Automatic Escalation:Yes
-
Default Deferral Rate for Auto-Enrollment:3%
-
Default Investment Fund:T. Rowe Price target-date funds
-
DC Plan Employer Contribution:50% of 6% + 6.5% nonelective
-
Recordkeeper:Empower Retirement
-
Plan Adviser:Graystone Consulting from Morgan Stanley
-
Financial Wellness Educator(s):The Gregory Group at Morgan Stanley
A major challenge for Emhart Glass Manufacturing, a producer of technology solutions for the glass industry, is the diversity of its workforce. To increase participation across the varied population—from factory workers to research scientists—to its current 97%, the sponsor implemented automatic enrollment, automatic escalation, up to 12%, and ongoing education such as a financial wellness program and one-on-ones with its investment adviser. It also reviewed and revised its committee charter and investment policy statement, plus ran a recordkeeper request for proposals and a fee benchmarking analysis. Most recently, Emhart added money market funds to satisfy participants’ requests.