Wells Fargo 2015 Annual Report Download - page 23
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2015 Annual Report|
Smooth transition
of retirement plan
goes down easy
Andrew Simon and Cheryl
Beckman
When a company is helping its
employees plan for a comfortable
retirement, establishing trust
is essential.
That’s one reason Brown-Forman —
an American-owned spirits and
wine company in Louisville, Kentucky
— chose Wells Fargo Institutional
Retirement and Trust as its 401(k)
plan provider.
“Wells Fargo made our more than
4,100 employees feel at ease,”
said Cheryl Beckman, director
of Global Benefits at Brown-Forman,
“tailoring transition communications
based on where they are in their careers.”
Wells Fargo’s Paul Hartman said
there are a lot of synergies between
the two companies “in terms of how we
view our relationships with customers,
vendors, and team members.”
Brown-Forman, founded in 1870, is the
maker of many spirit brands, such as
Jack Daniel’s, Old Forester, Woodford
Reserve, Finlandia Vodka, Sonoma–Cutrer
wines, and others. The company started
working with Institutional Retirement
and Trust in 2014 after more than
a decade of working with the
Corporate Banking team on lines
of credit and foreign exchange.
Together, Brown-Forman and
Wells Fargo devised detailed
communication plans, including
informational sessions for employees
at all the company’s major locations,
from corporate oces to barrel-making
facilities to vineyards. Some sessions
were conducted in both English
and Spanish.
Andrew Simon, Brown-Forman’s
director of People Development
and Rewards, said, “We’re a growing
company but have a small-company
feel and strive to provide a premium
experience for our employees. So giving
them multiple ways to learn about
retirement planning was important.”
That, plus enhanced plan options
such as the addition of a Roth
feature and an employer-matching
contribution, led to success:
Brown-Forman has seen an
11 percent increase in employees
raising their contribution percentage
to take advantage of the full
company match.
“When Wells Fargo commits
something to us, it’s going to
happen,” Andrew said.
Learn more at wellsfargo.com/stories.
Paul Hartman, Cheryl Beckman
and Andrew Simon