ASM Research LLC

As a government contractor owned by parent company Accenture Federal Services, ASM, a provider of digital application solutions, faces particular challenges to its plan. Since its parent company chooses its work, ASM has a workforce that is constantly, necessarily, changing. What’s more, employees have historically been a mix of longer-tenured computer programmers and shorter-tenured hourly workers who are mostly in the call center. The hourly group often make much less than the computer programmers and require additional instruction about investing. 

That’s why the sponsor has put significant effort into education and provides personalized financial wellness coaching. 

“We really try to look at everyone and encourage all of our participants from a well-being perspective,” says Tammy Lassiter, retirement plan administrator at ASM Research. 

With varying levels of investment savvy among employees, not to mention the workforce being located across the country, ASM relies on a variety of communication media including webinars, Brainshark presentations, PowerPoints and ongoing communications from its recordkeeper, Principal Financial Group.

Through Hub International, ASM also offers one-on-one meetings with Bob Gottschling, vice president, retirement and private wealth adviser. These individual consultations are free to all 401(k) participants. Further, Gottschling conducts educational webinars for ASM. 

“The education and support that’s been put in place is huge,” he says, adding that Lassiter is a critical part of it and maintains open communication with participants about the plan. “People in ASM know there’s a lot of … personalized help that’s available to them.”

ASM offers a 50% match of up to 6%, with an annual cap of $2,300, plus an annual nonelective discretionary contribution, which it began about eight years ago.

This contribution is typically 2.5% to 3% of employees’ gross pay, varying year to year. Eligible employees receive it, even if they are not actively contributing to the 401(k) plan, according to John Fraser, president of ASM.

“It’s wildly popular,” Lassiter says. “It provides another touch point during the year where we can get their attention and have them focus on the 401(k).” 

Another plan design feature that helps employees engage with the 401(k) is automatic escalation. This begins at 0%, meaning participants with a 0% deferral are automatically escalated by 1% annually, up to 15%. 

ASM is big on listening to employee feedback for what features to add to its retirement plan. Participants have thus been given sessions on estate planning, and, a few years ago, the company added a standalone Sharia fund to comply with Islamic principles. This was a “direct result of feedback” from Muslim employees, Fraser says. 

In the future, the company is looking to add a self-directed brokerage account program. “We are always evolving,” Lassiter says.

—Corie Hengst