Honoring finalists in eight categories, including four segments of Corporate 401(k) Plans; 403(b); Public DC; Public DB; and Multiple Retirement Plans.
Each year, the editors of PLANSPONSOR magazine recognize leaders in retirement plan best practices—plan sponsors that aim to provide more secure financial outcomes for U.S. workers.
To be considered, a sponsor must first be recommended for the award. Nominations are accepted from across the industry—submitted by providers, advisers, consultants, actuaries, attorneys, third-party administrators (TPAs), employees and colleagues. All nominees are then asked to complete an online form, supplying details of the plan’s administration, participant statistics and data such as participation rates. A committee of PLANSPONSOR editors reviews the submissions and selects the winners and finalists from among the various categories.
Considering the breadth and depth of retirement programs available today, this year’s award is given in eight categories, to allow for more accurate comparisons across plan types and sizes: Corporate 401(k) less than $50 million; Corporate 401(k) $50 million to $250 million; Corporate 401(k) $250 million to $1 billion; Corporate 401(k) more than $1 billion; 403(b); Public Defined Contribution (DC); Public Defined Benefit (DB); and Multiple Plans.
Although many of the criteria for selection are difficult to quantify, generally 2015’s Plan Sponsors of the Year are all working to improve the retirement readiness of their participants. They use innovative plan design features or participant education strategies; have impressive plan metrics, with some exceptions where, due to circumstances, this may not be the case; and are focused on ensuring the efficiency of their plan’s administration. Each profile here contains a story of success—and yet, many of these sponsors still consider their plan to be a work in progress.