Eryn Schultz, a former supervisor at H-E-B grocery stores, left her position after identifying shortcomings in the company's 401(k) plan, including a complex matching formula, insufficient Spanish-language educational materials, and high mutual fund fees. Schultz, who held a master of business administration degree, observed these issues while working with hourly employees in and around Houston approximately 10 years ago.
Schultz found that the complexity of H-E-B's 401(k) matching system made it difficult for some hourly employees to fully understand the benefits. She also noted a lack of educational resources in Spanish, the primary language for many of the company's workers. Her analysis of the plan's mutual funds revealed what she considered to be elevated fees, impacting the overall returns for participants.
H-E-B, a Texas-based grocery chain with over 165,000 employees, offers a 401(k) plan as part of its employee benefits package. Schultz raised her concerns with decision-makers within the company responsible for the retirement plan. However, she felt her concerns were not adequately addressed.
After about a year in a store leadership role overseeing perishable products, Schultz decided to leave H-E-B. She cited the demanding hours of retail work and her frustrations with the 401(k) plan as contributing factors to her departure. The specific details of the matching formula and the fee structure of the mutual funds were not disclosed. The company has not released a statement regarding Schultz's concerns or any subsequent changes to the 401(k) plan.
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