Zeroing in on Goals
The years between ages 35 and 50 are a great time to leap forward in saving for retirement, especially if your income is on the rise and you finally have some breathing room financially. For an example of how you can harness that momentum and save more for the future, meet Kevin Brown.
The San Antonio Food Bank is the largest hunger-relief organization in Southwest Texas, serving more than 58,000 needy individuals a week across 16 counties. Kevin Brown is the Chief Financial Officer for the Food Bank and its retirement plan administrator. He is also a participant in the Food Bank’s two retirement plans: the 403(b) plan it offers to all its employees, and the 457(b) nonqualified plan, which enables key employees of its executive team to set aside additional funds for the future.
“Over the years, we’ve been extremely pleased with the expertise and service that Mutual of America has brought to our 457(b) plan. Recently, when we decided that it was time to transition away from our previous 403(b) plan provider, it was only natural that we asked Mutual of America to provide a proposal,” said Kevin. “We were delighted to see that they competed favorably with other top providers in every category that mattered to us, including technology, participant education, service and fees.”
Mutual of America completed the takeover of the 403(b) plan in April 2018 — a process that Kevin describes as seamless, thanks to Houston Regional Office Vice President Chris Thompson and his team. “Chris and his staff worked diligently to make the enrollment onboarding process not just easy, but also meaningful for every employee. We continue to receive employee feedback that Mutual of America has made a difference in how they view retirement and their ability to build financial security for the future.”
Kevin credits Chris for helping the Food Bank to boost plan participation. “Chris suggested that we adopt auto-enrollment and auto-escalation features into our retirement plan. Although we were initially concerned that our employees might balk at the change, we trusted Chris’s insights and moved forward. The results have been overwhelmingly positive; we’ve seen a significant bump in plan participation since transitioning the plan.”