McDonough Bolyard Peck

FINALIST

Julie Coolbaugh
Senior Vice President, Human Resources

Location:

Vienna, Virginia
Industry:

Engineering
Plan(s) Offered:

401(k)
Plan Assets:

$80.1M
Number of Participants:

489
DC Plan Participation Rate:

91%
DC Plan Average Deferral Rate:

7.9%
Automatic Enrollment:

Yes
Automatic Escalation:

Yes
Default Deferral Rate for Auto-Enrollment:

5%
Default Investment Fund:

Fidelity Freedom target-date funds
DC Plan Employer Contribution:

50% of 3% + 20% of further deferrals
Recordkeeper:

Fidelity Investments
Plan Adviser:

Hub International
Financial Wellness Educator(s):

Fidelity Investments; Hub International

MBP, an engineering firm that provides construction management services for private and government clients, has a 7.9% average deferral rate among the 91% of its employees who participate. Employees are defaulted into the plan at 5%, escalated up to 8%, and matched at 50% of 3% of deferrals, plus 20% of additional deferrals to the IRS limit. The firm reduced fees by modifying investment options and fund classes, plus added an emergency savings option and a financial wellness tool. The wellness committee fosters financial, physical and mental health.

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