Enrolling almost all eligible full-time employees in its 401(k) plan helped Fort Wayne Metals win a national Plan Sponsor of the Year award from Plansponsor Magazine for a corporate 401(k) plan with less than $50 million in assets.
The magazine was scheduled to present awards to winners in five categories March 29 at its annual Award for Excellence event in New York.
The Fort Wayne-based manufacturer of medical grade precision materials was nominated for the 2012 award by Nick Gray, a retirement plan adviser with Lincoln Financial Advisors, and by Clare Householder, a consultant with Baden Retirement Plan Services.
The form they filled out for the nomination said 97 percent of the full-time employees eligible to participate in the Fort Wayne Metals 401(k) plan were contributing to it, and the company was still working toward a goal of 100-percent participation.
It said efforts to explain the plan’s value as a means of building an employee’s funds for retirement recently had helped reduce its number of nonparticipants to 21 from 34 among those eligible for it. The form reported participation in the plan by eligible part-time workers was 69.7 percent.