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Bonfiglioli USA Partners with HORAN Retirement Advisors to Improve Employee Retirement Readiness

Bonfiglioli USA, the Kentucky-based subsidiary of Bonfiglioli Group, and a global leader in supplying cutting-edge utilityscale power conversion system solutions, has achieved incredible growth. The company’s profits skyrocketed from $3 million in 2002 to $142 million in 2015.

In order to attract and obtain employee talent, Bonfiglioli USA works to make its employee benefits affordable and provides its employees with benefit education. One of the core focus areas for the company is helping its employees improve their retirement readiness.

 “Bonfiglioli greatly values the importance of retirement savings. We asked Karl Diebold, Vice President at HORAN Retirement Advisors, to provide retirement planning education for Bonfiglioli employees in order to increase our plan participation,” said Scott Guy, Chief Financial Officer at Bonfiglioli USA.

Diebold educated Bonfiglioli employees during group meetings and one-on-one sessions. He also created a customized savings analysis report for each employee, helping employees better understand the true savings rate needed to attain their individual retirement goals.

The result of HORAN Retirement Advisors’ employee education efforts was a 10% increase in plan participation rate and an 11% increase in the total savings rate. The average contribution rate for those who attended a one-on-one meeting with Diebold went from 3.57% to 7.05%.

“We plan to continue to push retirement planning education to help our employees prepare for their future,” said Guy. “Our next focus is to encourage non-participants to enroll in the plan. We believe this individualized educational approach will help us realize our 90+% participation goal.”

The result was a 10% increase in plan participation rate and an 11% increase in the total savings rate.