(June 23, 2021) – North American Lighting, Inc. (NAL) wins the 2021 Total Retirement Offerings Plan Sponsor of the Year Award.

This award program recognizes retirement plan sponsors that show a commitment to their participants’ financial health and retirement success. The award is given in many different categories to recognize all plan types.

“I am extremely proud that our plan is now nationally recognized, highlighting some of the values that NAL adds to Team Members’ futures,” said John Key, Compensation and Benefits Manager. “NAL tries to ensure that all Team Members have a bright retirement, and this starts with our automatic 3% company contribution to Team Member 401(k) accounts.” In 2020, the company retirement contribution equated to more than $6 million.

Under the NAL 401(k)/Profit Sharing Plan, Team Members are automatically enrolled at a 6% contribution rate with an annual 1% increase up to 10% of their eligible earnings. Key encourages Team Members to consider saving at least 10% of their annual income to their retirement accounts.

The company also makes an annual profit sharing contribution to Team Members’ retirement accounts. For 25 of the last 27 years that contribution as been 5.5% of Team Members’ base pay.

In addition to its total retirement offering, NAL also offers competitive medical, dental and vision insurance to their team of nearly 6,000. To read more about NAL’s Team Member benefits visit https://www.nal.com/team-member-benefits/.

Plan Sponsor of the Year nominations were made in December and January and finalists were announced in March. To be considered, a nomination first has to be made for the award, which could come from the plan sponsor itself. All nominees were then asked to officially enter and complete an online form, supplying details about the plan’s administration, participant statistics and data; only those who complete the form were considered.

The 2021 awards have nine categories:

• Public Defined Contribution (DC)
• Corporate 401(k) >$1B
• Corporate 401(k) >$300MM–$1B
• Corporate 401(k) >$150MM–$300MM
• Corporate 401(k) >$50MM–$150MM
• Corporate 401(k) $25MM–$50MM
• Corporate 401(k) <$25MM
• Nonprofit DC
• Total Retirement Offering (TRO)



Contact:  Kayla Boyll, Corporate Human Resources:  217-465-6600 Ext. 7429.

Pin It on Pinterest

Share This