Alexandria, La. – (July 14, 2020) – The RoyOMartin retirement plan has been recognized by PLANSPONSOR Magazine as a finalist for 2020 Plan Sponsor of the Year – Total Retirement Offering. The RoyOMartin 401(k) plan is one of five finalists for this award, which, according to plansponsor.com, “recognizes retirement plan sponsors that show a commitment to their participants’ financial health and retirement success.”
With $129 million in total plan assets, the RoyOMartin 401(k) plan has a 98% participation rate. Participating employees receive a 100% match of up to 4% of individual deferrals, as well as a variable annual profit-sharing contribution, which has averaged 5% over the last five years.
Benefits Accountant Stephanie Ulrich credits RoyOMartin’s entrepreneurial culture and family ownership as drivers behind the plan’s growth and continued success. A combination of auto-enrollment, a guaranteed company match, and a profit-sharing component bolstered the plan, which has continuously evolved since its inception as a defined-contribution plan in 1956.
“Financial wellness is a big thing we do at RoyOMartin,” Stephanie says. “We want to take care of the whole employee. We also want to help our employees not just get to retirement, but through retirement.”
PLANSPONSOR award winners will be announced later this year. To learn more, visit https://www.plansponsor.com.