Case Studies Related
to the Construction Sector

Prevailing Wage Contractor: Plan Participation Rises from 21% to 92% While Assets Grow From $350,000 to $3.6 Million

A mechanical contracting business saw significant growth in its retirement plan after Tom Hoffman of KAF Financial Advisors convinced the company to add a Prevailing Wage retirement savings component. Before teaming with Hoffman and KAF, the client’s 401(k) plan had just 21% of employees contributing; assets were just $350,000. Today, participation stands at 92% while plan assets have grown 928% to $3.6 million. The business is now operating a stronger company—one that attracts and retains quality workers— thanks in part to Hoffman’s insight on the benefits of the Prevailing Wage component.

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Financial Wellness Awards
Related to Construction

Financial Wellness Awards

The Retirement Advisor Council recognizes meritorious retirement plan sponsors with financial wellness awards since 2019.   Winners are selected by jury from among nominations received from Council members.  The jury considers a range of factors including retirement plan outcomes, goals, metrics, and approach of the financial wellness program, range of financial wellness services offered, the involvement of the retirement plan recordkeeper and retirement plan advisor in the financial wellness program, success of the financial wellness program, and other wellbeing benefits offered.

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