Case Study: Faith Electric boosts retirement plan participation and competitive edge with Vestwell

High-Voltage Company Low-Stress Retirement Plan

Faith Electric, a California-based electrical contractor, faced a competitive labor market and a shortage of skilled electricians. To recruit and retain top talent, they needed to differentiate themselves by offering a robust 401(k) retirement plan. However, they found that many providers had complex platforms and poor support, which was a challenge for their over 200 employees and their HR team.

Vestwell provided a user-friendly retirement plan solution with an intuitive platform that simplified administration for Faith Electric and investing for their employees. This was backed by dedicated and responsive support. The ease of use led to an 82% employee participation rate, higher than the industry average, which helped Faith Electric elevate its competitive edge for recruiting and retaining workers in a tight market.

Faith Electric

Narci Fierro

Director of HR