CoolSys, Inc. 401k Plan Performs Strongly in 2018!
January 16, 2019
It has been a little over a year since the CoolSys, Inc. 401k plan transitioned to Wells Fargo Retirement Services. Wells Fargo provides investment fund guidance and serves as plan administrator and recordkeeper. They also act as co-fiduciary, which means they share financial responsibility for the CoolSys, Inc. 401k plan performance and compliance.
Employees can be confident that the CoolSys, Inc. 401k plan is extremely well managed. The 401k committee was reset to rigorously oversee the performance and compliance of the plan. The committee is facilitated by Wells Fargo and consists of CoolSys executives Adam Coffey, CEO; Andy Mandell, CFO; Beth Goldstein, EVP Human Resources; and Burton Hong, EVP and General Counsel. The 401k committee meets quarterly to review fund performance, address any issues or concerns and, if necessary, make changes to the fund lineup. The committee governs the plan using a documented Investment Policy Statement, which is the basis for a thorough and consistent plan performance review each quarter. Committee meeting notes are documented and referred to when necessary.
The 401k plan consists of 27 investment fund options, representing a variety of asset classes. The investment fund options have been selected carefully to ensure the best possible returns for CoolsSys employees. As a result, the majority of funds in the CoolSys, Inc. 401k plan are the best-performing funds available at the lowest expense ratio in their respective asset class. Between employees’ own contributions and the generous match provided by the company, employee assets are growing at a pace consistent with or better than all financial investment benchmarks.
As of December 31, 2018, the plan had 1,023 active participants with total assets of $58 million. As a result of increased participation and favorable fund performance, the plan has grown by 8.5 percent since the same time the year prior.
As of January 2019, employees from every CoolSys company are eligible to participate in the CoolSys, Inc. 401k plan. New hires are now eligible to participate in the 401k plan on the first of the month following 30 days of employment.
Our commitment to each of you is to continue to ensure that CoolSys employees have the best possible opportunity to save for their futures at the lowest possible cost! If you have any questions about the 401k plan or are interested in enrolling, visit www.wellsfargo.com, call 800-728-3123, or contact www.benefits@coolsys.com.