Don't Miss

Retirement Benefits with Good Company Culture

Retirement Benefits with Good Company Culture

Retirement benefits make a difference when paired with a strong corporate culture.  Companies that take a holistic view of benefits understand the importance of maintaining a good benefit plan. At the conclusion of a Fiduciary Education Program at Stanford University, Stanford, CA, Fred Barstein, Founder and CEO of The Plan Sponsor University (TPSU), visited with TPSU Program Attendee, Jim Amlicke, CFO and COO of a mid-size construction company. Mr. Amlicke stressed the importance of the qualified retirement plan and what it means to both the plan participants and the organization.  The firm has instituted a number of measures stressing the importance of participating in the 401k plan, including offering two entry dates per year. As is evident when viewing the video, a positive corporate culture is a true asset for any organization.

Full Transcript Here

Fred Barstein:
This is Fred Barstein with 401kTV on the campus of Stanford University where we just completed a TPSU program here with Jim. Welcome, Jim.

Jim Amlicke:
Hello.

Fred Barstein:
Okay if we ask you a few questions?

Jim Amlicke:
Absolutely.

Fred Barstein:
Very good. So, before we do, just tell our audience a little bit about yourself and your role in your organization.

Jim Amlicke:
So I am the CFO and COO of a mid-sized construction company. My name is Jim, by the way, and we have been going through some dramatic growth over the last three years. We went from being a small startup to a company doing about 25 million in revenue. And we knew we wanted to grow this company from the very beginning, so we wanted to do as much as possible in the early stages and try to build an organization that could grow up to be a 100 person, 200 person organization, and maybe even up to a half a billion dollars.

Fred Barstein:
And that’s why you came to the program, to learn more about … because retirement’s important as you know?

Jim Amlicke:
Yeah. It’s absolutely important, and we have a wonderful culture in our organization, and we try to look at things from a holistic approach. We want them to feel comfortable, our employees to feel comfortable that they’re obviously well compensated, but we also think about their future and help them grow along with us.

Fred Barstein:
With part of that, you said during the meeting that you have mandatory enrollment meetings. So they must, when they start. Why did you do that?

Jim Amlicke:
We want to, as much as possible, encourage everyone in the organization to be in the 401(k) program. And based upon the requirements that we have, they have to be here for a year, in our organization, it’s based upon our policy. So, they have two opportunities to get into the program, and I didn’t want those dates to go unnoticed.

Fred Barstein:
Right.

Jim Amlicke:
So, the idea was every six months, when you become eligible for the program, that there would be a mandatory meeting where we would talk about the program, we would invite our advisors in as well to teach people about the program, learn about how easy it is to get enrolled, and what the benefits of doing that. A traditional 401(k) versus a Roth 401(k), and then some of the investment opportunities. And we figured if we made it mandatory for those people, that there would be an opportunity for them to really think about it, and in fact, we don’t let them leave the room until they tell us, “Do you want to opt out? Otherwise, we’re going to continue forward with the enrollment process.”

Fred Barstein:
Right. And how is that working?

Jim Amlicke:
It’s worked great. So, we have really, really good traction in those meetings. I think we’ve seen probably 80 to 90% of people enroll.

Fred Barstein:
Right.

Jim Amlicke:
And we’ve never had anyone drop out of the program. So we’re very excited that things have been working well.

Fred Barstein:
And you get engagement.

Jim Amlicke:
Yes, absolutely. [crosstalk 00:02:55]

Fred Barstein:
So, final question. A couple of things you might have learned that you want to try to take back what you learned today.

Jim Amlicke:
Well, I learned just how little I know about the whole program. I’ve learned a lot of things that I want to go back and review. As the fiduciary for my organization, I want to make sure that we’re doing everything correctly, checking all those boxes and making sure that everyone’s interests are taken into consideration with the program.

Fred Barstein:
Best interests.

Jim Amlicke:
Yes, absolutely.

Fred Barstein:
Yeah, great. Well, thanks for coming today for TPSU and thanks for interviewing, taking the time with 401kTV.

Jim Amlicke:
Oh, thank you very much. Appreciate it.

Fred Barstein:
And thank you for watching. Stay tuned.

x

Check Also

401k Plan Design to Improve Efficiency

401k Plan Design to Improve Efficiency      401k plan design will soon be able to contribute time-savings to plan retirement plan sponsors and fiduciaries. The Plan Design Panel was filled with great ideas during the 401kTV GENIE Awards held at ...