401(k) Specialist Issue 2 - 2023 - 27

PROFILES IN
PARTICIPANT
OUTCOMES
" It's been a pleasure to collaborate with the
IMT leaders and to see the benefits of those
efforts as we work with people who achieve
true retirement readiness. "
- Matthew Eickman
When the company moved to a defined
benefit (DB) soft freeze in 2015, IMT
worked with QPA to ensure its employees
understood the change and to quell
any concerns on retirement preparation.
Since 55% of employees were already not
participating in the DB plan, QPA conducted
age-banded education sessions with DB
participants and non-participants in respective
groups, with education tailored to fit
each group's stage of life and savings needs.
" We try to make sure that our 401(k) plan
is competitive in the market, making sure that
we are offering the best we can through the
plan to really allow employees to save, so that
even without the DB plan, they can still retire
when they want t o, " said Lee.
Supportive Benefits Committee
As more employees want plan sponsors
who provide care during inflationary environments,
market downturns, and stressful
financial periods, IMT looks to reduce employee
anxieties and worries through their
benefits committee. " They have a genuine
care and concern for our employees and our
organization, " said Lee.
The committee, made up of the senior
leadership team at IMT, meets quarterly to
discuss the retirement plan, its operation,
participation, market performance, and any
potential enhancements, while also listening
to plan recommendations made by Lee,
QPA, or employee feedback.
For example, if an investment isn't
performing well, the committee will add
it to their watch list, where they will then
monitor the fund. As partner and retirement
plan advisor, QPA will generally be the
one to bring the matter to the committee's
attention, where a discussion will also
take place on whether the fund should be
replaced or not.
Aldridge, who was mainly responsible
for administrating the plan and forming the
benefits committee when she first began at
IMT in 2009, now votes with the committee
on plan changes and considers recommendations
made by Lee and by QPA.
" One of our roles on the committee is
to make sure that the plan is functioning
properly, that it is sound, and that we're
making the right decisions for employees, "
said Aldridge. " On the employee and education
side, we're making sure to talk about
what the plan health is, what education we
need, and any recommendations. We listen
to those and vote on them. "
Comprehensive Financial Planning
Aside from their educational campaigns
and benefits committee, IMT provides a 3%
employer contribution and an additional 2%
discretionary contribution if the company
meets certain profitability criteria.
In the past, IMT offered a broad wellness
program where employees could receive
points to earn money and/or paid time off
(PTO) with participation, with one participation
category being financial wellness.
Employees could earn participation points
throughout the year by increasing their 401(k)
contribution, contributing up to the IRS
deferral limit for the year, meeting one-onone
with a QPA retirement plan advisor, or
attending a retirement plan education session.
Looking into 2023 and beyond, IMT is
revamping its wellness program to an online
platform that will house new challenges
for various categories including financial,
mental, physical, and more.
It all ties into IMT's overall mission for
their employees-to retire without worries
or fears. " Our goal is to have each and every
participant be able to retire when they want
to, " said Lee. " Retire with dignity and feel
like they are in a good position moving
forward in their retirement years. "
After all, it's the least they can do for their
employees, who help them by coming into
work or logging on from Monday to Friday.
" That's our job, " added Aldridge. " They are
here to do a good job for us, but we're also
wanting to give them peace of mind. To
know that they have a way to save for their
future and that we're going to help them
meet and accomplish those goals. "
ISSUE 2 2023 | 401kSpecialist.com
27
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401(k) Specialist Issue 2 - 2023

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