Plan Sponsor Recognizes JX Enterprises For Company Retirement Plansby Jake Tully - Published: 6/12/2017
Midwest-based heavy-duty truck dealership and service provider JX Enterprises announced earlier today that it is among the recipients of Plansponsor’s 2017 Plan Sponsor of the Year award.
In receiving the award, Plansponsor has reportedly recognized JX Enterprises for the retirement plans the company offers its employees based on criteria such as diversity of plans and how comprehensive a retirement plan may be.
“This is a great moment for JX and all the families who rely on the stability, opportunities, and profitability of our organization,” said President and CEO of JX Enterprises, Eric Jorgensen.
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As one of nine companies recognized by Plansponsor, JX Enterprises reports that it was the winner for the award's corporate 401(k) $50 million - $100 million category.
Vice President of Human Resources at JX Enterprises Rich Yezzi was present to accept the award in New York City on behalf of the company. Yezzi reportedly cited internal education programs at JX Enterprises as part of the company’s success.
“We are proud to be able to offer an award-winning plan and to be recognized among the finest organizations in the country,” says Yezzi. “The plan’s success, however, did not occur overnight. JX set out, more than two years ago, to improve the present and future lives of employees and their families.”
JX Enterprises reportedly saw their participation rate for retirement offerings increase from 85% to 92% as well as an increase from 48% to 90% of employees who contribute 6% or more to said program.
The truck dealership and service provider reports that it began to implement retirement preparation programs in 2016.
According to JX Enterprises, one of the substantial changes that it made within its retirement program saw an increased company 401 (k) match of 3% to 3.5%. The change reportedly has afforded employees the opportunities to see their plans grow at a more expedient rate.
“This award means more to us than any of the various industry awards we have received to date because it represents the positive impact we can have on the thousands of people who rely on us each and every day,” said Yezzi.
Additionally, JX Enterprises reports that its vesting schedule change from 5 years of employment at the company to 2 years has increased the value of the company-offered employee benefits package.