Devon Energy's innovative retirement plan that was developed by a team of McAfee & Taft employee benefits attorneys has been spotlighted once again, this time in a feature for The Oklahoman's Innovations Section. Last month, Business Week published a feature about the trendsetting "Super 401(k)." Veteran employee benefits attorney Dudley Hyde was interviewed for the article.
Devon, under the new plan, contributes heavily to employees' retirement funds even if the employee contributes nothing. The company adds from 8 percent to 16 percent of each employee's total compensation into a 401(k) fund, depending upon years of service.
"I'm not aware of any employer in Oklahoma that makes employer contributions of this size without the employee being required to put some money in,” said Hyde, a shareholder with the Oklahoma City law firm of McAfee & Taft.
Assisting Dudley with the development of the "Super 401(k)" were Jennifer Callahan, John Papahronis, Jim Prince and Brandon Long, a team that worked more than a year on the concept, design and implementation of this cutting-edge employee benefits solution for Devon. The innovative plan has created quite a buzz since last month's feature in Business Week, generating inquiries from other companies as well as creating a buzz among industry experts and media outlets around the country.
You can read the Oklahoman article, “A 'super' retirement: 401(k) changes aim to lure, keep employees in tight market,” here.