"CAPS’ retirement plan is a priority for the business because it gives us a good shot at competing for talented employees, and because it’s the right thing to do", per Taylor Norris
Chicago, Illinois (PRWEB) January 18, 2017
Custom Air Products & Services, Inc. (CAPS) is a full-service heating, venting & air conditioning (HVAC) company that specializes in the design, manufacturing, installation, modification, and servicing of HVAC equipment for the industrial, commercial, off-shore and health care markets. The Houston-based business has more than 300 employees and is one of the largest privately-held, full-service HVAC companies in North America. In a recent interview with the Plan Sponsor Council of America (PSCA), CAPS CEO Taylor Norris shared some thoughts about CAPS’ retirement plan and policy priorities.
PSCA: “You are an advocate for CAPS 401(k) and for your employees’ retirement security. Why do you offer a plan and why is this important to you?”
Norris: "CAPS’ retirement plan is a priority for the business because it gives us a good shot at competing for talented employees, and because it’s the right thing to do. We believe in the value of helping every one of our employees save for their own retirement because it builds confidence and creates peace-of-mind. I personally spend a lot of time promoting our 401(k) and stressing to our employees the need to save for retirement because I have witnessed first-hand the benefits of these plans. I have also witnessed a few devastating situations where employees had nothing when they retired, and it was profoundly troubling to me."
PSCA: “Does your management team see a connection between an employee’s level of financial wellness and their productivity or engagement at work?”
Norris: "Not only do we see a connection, we believe the connection is important and it is our job to show employees the path to be successful. Being prepared for an unknown future is part of that path for success, and we use our 401(k) plan to reduce employee concerns about a cloudy retirement. We don’t want employees to worry about what happens to them as they approach their golden years, so we use the 401(k) to reduce the uncertainty. It also helps our productivity when we take problems off of the employee’s plate. It is often better to help an employee solve their personal finance problems here, because we know employees who are happy at home are more satisfied when they are at work. We believe that helping an employee save for retirement can potentially help create a stable home life for both the employees and their family. We believe the adage ‘1+1=3’ applies here."
PSCA: “In a few days, you will be in Washington, DC, for various Presidential inaugural activities. Given that one of the new administration’s top priorities is tax reform, are there any concerns you have about preserving the tax-favored status of defined contribution savings plans?”
Norris: "As an employer sponsoring a 401(k) plan, CAPS wants leaders in Washington to understand what our company and the PSCA are trying to do for employees. We believe the voluntary approach to retirement savings is better than forcing people to save for retirement. Forcing people to do anything seldom gets the desired result. Educating people is more likely to get them to ‘buy in’, and choose for themselves to think about and plan for their own future. We also want our representatives in Washington, DC, to understand that proposals to reduce annual savings limits or cap lifetime savings in these plans could be counter-productive. Nobody can predict the cost-of-living in the future, but it’s a safe bet that it will keep rising. Why would we want to go backward when future retirement needs are uncertain? We need people to save more, not less."
About Custom Air Products & Services
Custom Air Products & Services, Inc. is a full-service heating, venting & air conditioning (HVAC) company that specializes in the design, manufacturing, installation, modification, and servicing of HVAC equipment for the industrial, commercial, off-shore and health care markets. CAPS employees are committed to providing exceptional custom design and quality workmanship at competitive prices. Custom Air Products & Services currently occupies six (6) modern facilities totaling over 250,000 square feet in size. In addition to the manufacturing hub, these buildings include administrative and engineering offices, training facilities, and a parts department. CAPS’ services are provided to customers throughout the United States and Mexico while their manufactured products have been delivered to sites around the world. Currently CAPS has equipment operating on six (6) continents and in 52 countries.
About the Plan Sponsor Council of America
The Plan Sponsor Council of America (PSCA) is a diverse, collaborative community of employee benefit plan sponsors, working together on behalf millions of employees to solve real problems, create positive change, and expand on the success of the employer-sponsored retirement system. With members representing employers of all sizes, we offer a forum for comprehensive dialogue. By sharing our collective knowledge and experience as plan sponsors, PSCA also serves as a resource to policymakers, the media and other stakeholders as part of our commitment to improving retirement security for millions of Americans. For more information, visit http://www.psca.org.