Wayne Tile Company is a highly successful, family owned and operated distributor of porcelain, natural stone and glass tile. Founded in 1955, this growing organization has five showrooms and design centers in New Jersey and Massachusetts, and 110,000 square feet of warehouse space.
‟For more than three decades, Wayne Tile provided its employees with a profit-sharing plan,” said Michael Scott, Vice President of Mutual of America’s Parsippany Regional Office. ‟Bob Westra Jr., a second-generation co-owner of the company, managed the plan assets on behalf of its participants. But as the company grew and added more nonfamily members to the ranks, Bob began to recognize that their company’s retirement plan needed a new approach.” Mark Brown, Associate Account Executive from the Parsippany office, approached Westra with a road map for how Mutual of America could help Wayne Tile transition to a participant-directed plan and assist the participants with allocating their assets. How Mutual of America handled this challenge underscores its client-focused approach.
‟Each member of our team brings specific expertise to the group plan takeover process, including assisting with plan design, benchmarking fees and expenses, and reviewing the savings and investment options we offer, as well as providing performance reporting, educational materials and opportunities for participant engagement,” said Brown. ‟By connecting these different areas, we’re able to help create, implement and service even the most complex retirement plan for our clients’ needs.”
Westra and his co-owners haven’t looked back since choosing Mutual of America as Wayne Tile’s retirement plan provider in early 2017.