DeWitt Receives the "Compass Award" for Excellence in Retirement Plan Stewardship
MADISON | MILWAUKEE | MINNEAPOLIS – DeWitt LLP announced today it was awarded the "Compass Award," by Francis Investment Counsel (FIC) for its long-term commitment to excellence in the stewardship of its employees' retirement assets. FIC is a nationally recognized expert retirement plan investment advisory organization.
"The leadership team at DeWitt has put in place, and maintained a system of in-depth due diligence, rigorous ongoing oversight, and consistent employee education that represents industry best practices," said Mike Francis, President of FIC. DeWitt’s oversight of its retirement plan has led to above average results. The plan boasts a participation rate of 90% and the average DeWitt employee saves 8.9% of income in their plan, well above the average of 7.2, nationally. DeWitt participants also exceed industry averages in terms of Roth utilization, with 45% of the DeWitt population taking advantage of this vehicle compared to 18% as an industry average. *
Bradley C. Fulton, President and Managing Partner of DeWitt, said the firm has a “steadfast commitment to our employees' long-term success during retirement. Our Partner, Brian L. Anderson, who chairs the Savings Plan Committee, has done an outstanding job implementing best practices to assist with the firm’s investment platforms."
DeWitt has applied best practices, investment features for its employees such as including auto-enrollment at 5% Roth. Its investment menu features best-in-class funds from multiple fund families, while also offering alternative investment classes for greater diversification. "The care top executives at DeWitt have taken in managing their employees' retirement benefits has been a priority, and it shows in their results. Their employees are better prepared for retirement than most," reported Mike Francis, President, Francis lnvestment Counsel.
* Source: Vanguard, How America Saves 201 B: A Report on Vanguard 2017 Defined Contribution Plan Data. Survey included 4.6 million plan participants in 1,900 qualified plans. Data on participation and deferral rates drawn from a subset of Vanguard record keeping clients representing approximately one-third of clients of 800.000 participants in 400 plans.