Emhart Glass Manufacturing Inc.

FINALIST

Laura Phelps
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.

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