By almost any standard measurement, Intersil’s 401(k) plan is successful. Average balances in the plan are about $170,000. The average employee deferral rate is about 8%. The plan boasts a 94% participation rate. The company implemented auto-enrollment 12 years ago and currently auto-enrolls employees at 6% and offers a dollar-for-dollar match up to 6% after one year’s service. Yet the company, which designs and builds semiconductors for a wide range of clients, wasn’t satisfied.
“We’re looking for other measures beyond the classic deferral measure because we’re already there, as far as I’m concerned,” says David Roberts, Intersil’s benefits manager.
