The Plan Sponsor of the Year annual award program recognizes retirement plan sponsors that show a commitment to their participants’ financial health and retirement success. The award is given in many categories to recognize all plan types, so any plan sponsor can be eligible. Nominations are made in the fall, finalists are announced in January, and winners are announced in March. To be considered, a sponsor must first be recommended for the award. Nominations are accepted from across the industry—including those from providers, advisers, consultants, actuaries, attorneys, third-party administrators (TPAs), employees and colleagues. All nominees are then asked to complete an online form, supplying details about the plan’s administration, participant statistics and data.
The 2018 award’s have nine categories in order to allow for the most accurate comparisons across plan types and sizes: Corporate 401(k) <$10MM; Corporate 401(k) >$10MM – $50MM; Corporate 401(k) >$50MM – $100MM; Corporate 401(k) >$100MM – $800MM; Corporate 401(k) >$800MM, Public Defined Contribution (DC); Nonprofit DC <$100MM; Nonprofit DC >$100MM; and Total Retirement Offering.