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Shutts & Bowen's 401(k) plan ranked among South Florida's highest, first among law firms
A national investment research and ratings company has ranked Shutts & Bowen LLP’s 401(k) profit-sharing plan among the best in South Florida.The law firm pays the staff an additional 7.5 percent of salary – not as a match, but as a contribution.
BrightScope rated Shutts & Bowen as “great” for company generosity, participation rate, salary deferrals and account balances. In determining its rankings for its second annual survey of South Florida companies, BrightScope analyzed more than 200 individual data points.
“We value our staff and want to help them build for their futures,” said Shutts & Bowen Chief Operating Officer Frederick O’Malley. “We believe a sound 401(k) plan, whether for employees or for equity partners, is a key to satisfaction and retention.”
Historically, Shutts & Bowen has made discretionary payments to the staff of 7.5 percent of salary – not as a match, but as a contribution. Both staff and attorneys can make their own additional contributions to the self-directed plans and can choose among 30 investment vehicles. The plan has 453 active participants and total assets of more than $60.5 million.
Employees have a one-year waiting period to be part of the plan, and are fully vested in three years. The plan has a 100 percent participation rate among employees with at least 10 years’ service. Two of Shutts’ 276 staff members have more than 40 years’ service.
Ingham Retirement Group, the Miami-based plan administrator and investment adviser, meets with employees on average twice a year or as needed, and Shutts & Bowen has a full-time Benefits Manager.
About Shutts & Bowen LLP:
Shutts & Bowen LLP is a Florida law firm with more than 220 lawyers, serving clients nationally and internationally from its offices in Miami, Fort Lauderdale, West Palm Beach, Orlando, Tampa, Tallahassee and Amsterdam. Learn more at www.shutts.com.
CONTACT: Caroline Berger, Shutts & Bowen LLP, 305-415-9074
Wragg & Casas Public Relations