(April 28, 2021) – North American Lighting, Inc. (NAL) is a finalist in the annual Principal Plan Sponsor of the Year awards program for its total retirement offering.
The awards 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.
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.
NAL also contributes about 8.5% to Team Members’ retirement accounts on an annual basis. The company makes a 3% nonelective contribution plus profit shares, which is usually 5.5% of base pay, depending on the year’s performance.
In addition to its 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/.
Nominations were made in December and January, finalists were announced in March, and winners are announced in May. To be considered, a nomination must first be made for the award, which can come from the plan sponsor itself. All nominees are 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 this form are considered.
The 2021 awards have nine categories in order to allow for the most accurate comparisons across plan types and sizes:
• 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.