United Contractors Midwest, Inc.

FINALIST

Carol Mansker
Controller

Location:

Springfield, Illinois
Industry:

Construction
Plan(s) Offered:

401(k); health savings accounts
Plan Assets:

401(k) – $60M
Number of Participants:

401(k) – 236
DC Plan Participation Rate:

85.4%
DC Plan Average Deferral Rate:

9%
Automatic Enrollment:

Yes
Automatic Escalation:

No
Default Deferral Rate for Auto-Enrollment:

7%
Default Investment Fund:

Transamerica Multi-Managed Balanced R6
DC Plan Employer Contribution:

100% of 3% + 50% of next 4%
Recordkeeper:

Transamerica
Plan Adviser:

Merrill Lynch
Financial Wellness Educator(s):

Transamerica; Merrill Lynch

Leadership at United Contractors Midwest, a road and highway construction company, addresses the challenge of a widely dispersed workforce—one with all levels of financial literacy—by getting hands-on. The controller contacts each new hire to explain automatic enrollment, and the default deferral rate of 7%, beneficiary designation and allocation requirements, then follows up with texts. The chief financial officer then calls employees throughout the year to encourage saving to the full employer match. UCM added managed advice, for 24/7 access to personalized investment guidance, and expanded its Roth conversion options. Targeted education is plentiful.

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