Saving for retirement is one of the most important—and daunting—financial goals anyone can undertake. Nearly half of Americans risk retiring without sufficient savings, making the details of a company’s 401(k) plan critical. Small decisions today can add up to thousands—or even hundreds of thousands—of dollars over time.
To outline why your company’s 401(k) plan matters, we spoke with Eric Pullett, Senior Manager of Benefits and Diversity, Equity, & Inclusion at Wills Group. With years of experience and a passion for helping others achieve financial wellness, Eric shares insights on what to look for in a corporate retirement plan and how employees can maximize their savings.
In this post, we’ll explore the basics of a 401(k) plan and share how certain details, like those included in the Wills Group’s plan, can set employees up for a brighter financial future.
What is a 401(k)?
The term “401(k)” is familiar to many, but its mechanics and benefits are often misunderstood. Simply put, a 401(k) is a retirement savings plan that lets employees save and invest with tax advantages and, often, employer contributions. As Eric shares, “401(k)s allow you to grow your money efficiently, and over time, it’s one of the most effective ways to build wealth.”
The 401(k) was introduced in 1978 as part of the Revenue Act and became a popular alternative to traditional pensions by the 1980s. Today, it’s the primary retirement savings tool for millions of Americans. Employees can contribute a portion of their paycheck, either pre-tax with a traditional 401(k) or post-tax with a Roth 401(k), to benefit from tax-efficient savings.
Many employers match a percentage of employee contributions, allowing workers to boost their savings with “free money.” These funds are then invested in options like mutual funds or target-date funds, allowing for growth over time through compound interest.
With tax benefits, employer matching, and the power of compounding, a 401(k) is a cornerstone of financial wellness. Starting early amplifies these advantages, as Eric explains: “The earlier you contribute, the better. With matching contributions and compounding interest, you’re literally multiplying your money.”
How the Wills Group’s 401(k) Plan Stands Out
Wills Group has designed a retirement savings program to set employees up for success. From generous contributions to personalized support, the plan offers comprehensive benefits to help employees build a secure financial future.
“We’ve designed this plan to give every employee at Dash In, Splash In, and the Wills Group corporate offices a real shot at financial freedom,” says Eric. “Whether you’re part-time or a 20-year veteran, this plan will help you succeed.”
Here’s a closer look at the plan’s standout features:
1. Immediate Eligibility and Vesting
Employees are eligible to participate after 60 days, with immediate vesting—meaning any money contributed to the employee’s account from their pre-tax funds or employer contributions is “owned” by the employee.
“From day one, we want employees to feel like they’re investing in their future with our full support,” Eric notes. “No strings attached—if you’re contributing, you’re reaping the rewards.
2. Generous Employer Match & Profit Sharing
- Employer Match: Wills Group matches $1.17 for every $1 employees contribute, up to 6% of their salary. Employees contributing at least 6% receive the maximum 7% match.
- Regular Contributions: Matches are added with each paycheck, ensuring consistent growth over time.
- Profit Sharing: In 2024, eligible employees who worked 1,000+ hours received $5,000, regardless of personal contributions.
3. Long-Term Rewards for Loyalty
Employees receive additional Defined Contributions based on their tenure, regardless of their own contributions:
- 0–9 years: 2% contribution.
- 10–19 years: 4% contribution.
- 20+ years: 6% contribution.
Eric shares, “These additional contributions are our way of saying ‘thank you’ for sticking with us and growing with the company.”
4. Simplified Saving and Investment Options
Wills Group makes it easy for employees to save and invest with:
- Automatic Enrollment: Employees are automatically enrolled in the 401(k) at a 4% contribution rate so they can start saving for retirement without any effort.
- Auto-Increases: Contributions automatically increase by 1% annually, capped at 10%, making it simple to grow savings over time.
- Diverse Investment Options: Employees can choose from over a dozen investment options, including low-fee index funds and target-date funds.
5. Personalized Support
- All employees, full-time and part-time, can access free financial advisors through RBC Wealth Management. These advisors provide personalized guidance on retirement savings and other financial matters, such as buying a house or saving for college.
“Asking for help can be intimidating,” Eric acknowledges. “But our advisors are here to make it easy. No matter your financial literacy, we’re here to help you reach your goals.”
6. Flexibility When You Need It
We understand that life happens. That’s why our 401(k) plan includes:
- Flexible Contribution Adjustments: Employees can adjust contributions anytime through T. Rowe Price’s user-friendly platform.
- Loan Options: Employees can borrow from their 401(k) with a quick and easy process, with funds typically available in 3–5 days.
- Streamlined Rollovers: For employees transitioning from another job, rolling over an old 401(k) is simple.
Wills Group has gone above and beyond to ensure its employees can access one of the convenience store industry’s most comprehensive and beneficial retirement savings programs. From generous employer contributions to hands-on support, the Wills Group’s plan is designed to help employees thrive.
Why Your Company’s 401(k) Plan Matters
To be successful in your retirement plans, you need time, money, and strategy. The better your company’s 401(k) plan addresses these factors, the greater your ability to build lasting wealth and achieve financial security.
Time is your most valuable asset. Starting as early as possible gives your investments more time to grow through compound interest. Over decades, even modest contributions can grow exponentially, and the Wills Group’s match and profit-sharing contributions multiply that effect. Features like automatic enrollment and immediate vesting, also offered by Wills Group, ensure employees can take full advantage of this growth potential from day one.
“It’s incredible how quickly savings can grow,” Eric shares. “I’ve seen employees surprised by how much their accounts have grown in just a few years. It’s all about consistency and taking advantage of what’s offered.”
Money fuels your retirement savings. Contributing consistently and up to the maximum ensures your investments grow steadily. At the very least, contributing enough to capture your employer’s match is essential. The Wills Group’s generous match maximizes savings while profit-sharing and tenure-based contributions accelerate growth. Low-fee investment options also help employees keep more of their returns over time.
Strategy ties it all together. A clear plan for aligning your savings with long-term goals is essential, and access to financial advisors, like those provided by Wills Group through RBC Wealth Management, empowers employees to develop that strategy. With expert guidance, employees can make informed decisions about retirement planning, tax advantages, and other financial priorities to maximize their savings potential.
Eric Pullett knows firsthand how these factors can transform one’s finances. Coming from organizations with limited matches and long vesting periods, his savings remained stagnant until he joined Wills Group.
“When I look at my account now, it’s three or four times what I had at previous jobs,” he said. “The generous match and profit-sharing pushed me to contribute more, and now I’m thinking about early retirement—a goal that felt impossible before. This plan doesn’t just support your future—it gives you the confidence to take charge of your entire financial picture.”
The Right 401(k) Plan Makes All the Difference
A well-designed 401(k) plan lays the foundation for building wealth, achieving financial freedom, and taking control of your financial wellness. By offering benefits that maximize time in the market, enhance contributions, and provide resources for strategic planning, the Wills Group’s 401(k) plan equips employees with the tools they need to succeed.
With generous employer matches, profit-sharing, automatic savings increases, and expert guidance, Wills Group goes above and beyond to empower its employees. Contributing consistently and leveraging available resources can turn today’s small steps into tomorrow’s financial milestones.
As Eric shares, “We’re not just helping employees save for retirement—we’re giving them the tools to dream bigger, plan smarter, and feel confident about what’s ahead.”
When a company’s 401(k) plan provides the proper support, it inspires employees to take charge of their financial health. Your future is in your hands, and Wills Group demonstrates how a thoughtful plan can empower its team for long-term success.
