Plan Sponsor Spotlight: Mountville Mills
Financial Advisor News | Winter 2023
Deeper Engagement Improves Business Outcomes and Changes Lives at a Family-Owned Business
Mountville Mills employs more than 850 people in LaGrange, GA. True to their roots as a family-owned business, they treat employees like family and think long-term. This approach extends to their 401(k) plan.
After a recent review of their plan and recordkeeper, they knew they needed to address persistent underutilization of the plan. They had employees who had never checked their balances and some who didn’t understand how the plan worked. In short, they wanted a true partner that would roll up its sleeves and collaborate with them to educate employees about the long-term benefits of their plan.
Ascensus was the clear choice.
Working side-by-side with plan advisor Michael Saulnier and Mountville Mills leadership, Ascensus developed a comprehensive communication plan. It incorporated 50 on-site sessions over one week— coordinated across five plants, in four languages, and for three shifts operating on a 24/7 schedule—to help all employees understand how the plan works and to answer any questions.
Results: Since partnering with Ascensus, Mountville Mills’ plan participation rate has nearly tripled. Employees have described the experience as life-changing and know the company is looking out for them over the long-term, which is great for morale and retention in a competitive labor market.
Employee education was key for Mountville Mills, but it’s just one of the tools Ascensus offers to optimize plan performance.
We have many programs and services to help you and your clients get there, including auto-features, financial wellness offerings, managed account options, fiduciary programs, electronic delivery (eDelivery), payroll integration, and more.
