Jen Curran
Manager, Total Rewards
Manager, Total Rewards
-
Location:Pleasanton, California
-
Industry:Manufacturing
-
Plan(s) Offered:401(k), with profit sharing
-
Plan Assets:$512.2M
-
Number of Participants:3,452
-
DC Plan Participation Rate:93.3%
-
DC Plan Average Deferral Rate:6.6%
-
Automatic Enrollment:Yes
-
Automatic Escalation:Yes
-
Default Deferral Rate for Auto-Enrollment:3%
-
Default Investment Fund:Vanguard Institutional Target Retirement funds
-
DC Plan Employer Contribution:3% quarterly nonelective + annual discretionary profit-sharing
-
Recordkeeper:The Vanguard Group
-
Plan Adviser:WTW – Newfront Insurance Services
-
Financial Wellness Educator(s):Origin; The Vanguard Group
Simpson Manufacturing produces building supplies and, over the years, has constructed a solid plan. Before the advent of target-date funds, it offered custom, age-based portfolios. And, as industry wages are comparatively low, it gives each new participant a 10% nonelective contribution. In 2017, it followed the introduction of automatic enrollment for new hires with a reenrollment of all other nonparticipants. Participation climbed from 41% then to 93% this year. Simpson pays all administrative plan expenses and provides low-cost index funds as core investment options and watches for opportunities to upgrade to lower-cost shares.