The Walt Disney Company

NOMINATOR COMMENTS

“Disney offers ongoing 401(k) plan benefits to employees through three plans totaling more than $10 billion in plan assets: the Disney Savings and Investment Plan, the Disney Hourly Savings and Investment Plan and the Disney Retirement Savings Plan. The Savings and Investment Plan offers a match up to 2% of compensation, the Hourly Savings Plan offers a match up to 5% of compensation, and the Retirement Savings Plan offers a nonelective contribution ranging from 3% to 9% of compensation for salaried employees not covered by a legacy pension arrangement.

Disney’s 401(k) programs are the foundation of our financial well-being program, which strives to motivate, interest and educate employees and cast members so our diverse, multi-generational workforce can learn and develop skills that can lead to optimal financial decisions. The program empowers employees to make continual, incremental progress toward financial control, lower financial stress and improve retirement readiness. Disney recognizes that our employees have varying financial needs, with some employees experiencing short-term financial barriers to saving for retirement. We have implemented other solutions to support reducing these barriers, with the goal of addressing short-term needs to enable employees to progress in saving for today and retirement.”

Mercedes Ikard, Director, Integrated Benefits Operations, The Walt Disney Company
Photograph by Matt Kalinowski

PLANSPONSOR: Much is widely known about The Walt Disney Company, but could you in a couple of sentences describe something interesting about it historically, and/or its mission, particularly in regard to caring for its employees?

Disney: At Disney, our values are the foundation for how we lead, create and care for our people around the world. We’re proud to offer uniquely Disney benefits that meet the evolving needs of our employees and cast members. While our retirement programs are the cornerstone of our financial well-being strategy, we recognize that employees also need help with managing their day-to-day.

One example I love: We’ve partnered closely with the Disney employee credit union to integrate everyday financial support into our broader benefits experience to help people not only plan for retirement but manage their daily lives with confidence.

PLANSPONSOR: What is unique about the company’s demographics?

Disney: With over 200,000 employees in more than 40 countries, Disney is home to a diverse group of people, roles and work settings. From cast members supporting the guest experience in our parks, to animators and storytellers reaching global audiences, to journalists delivering breaking news—every person plays a part in creating the magic. We aim to create work environments that inspire creativity and support well-being across all of it.

PLANSPONSOR: What are you most proud of in relation to your retirement plan offering?

Disney: I’m proud that our approach goes beyond just the retirement plan itself. We’ve built an ecosystem of financial well-being tools and resources so that no matter what stage someone is in, from saving for the first time to navigating life’s curveballs, that person feels supported and equipped to make progress.

PLANSPONSOR: Please cite any noteworthy initiatives you have taken in the past 24 to 36 months that have produced results to improve your plan, and describe the results.

Disney: As a result of SECURE 2.0, we opted to be a first mover on our recordkeeper’s platform and increase the flexibility for employees to repay student loan debt without sacrificing match in the 401(k) plans. Enrolled employees effectively leveraged this program to reduce debt while building retirement savings.

Disney implemented an emergency loan solution partner to allow for personal loans, lines of credit and emergency financial coaching to address short-term financial resiliency and help employees avoid high-cost debt.

We enabled payroll reductions to reduce one additional step in helping employees save for their life goals, with an emphasis on emergency savings. We saw an increase in the number of employees who set up these savings accounts, demonstrating the campaign’s success in encouraging employees to take action on building emergency savings. Disney recognized a gap in coverage needs for financially secure employees requiring help optimizing savings and tax strategies. 

Disney launched a holistic financial well-being campaign from February 2024 to April 2024 in multiple languages. The goal of the campaign was to provide employees with targeted resources, tools and support to address both immediate financial concerns and long-term goals. High levels of engagement, increased benefit utilization and behavioral changes observed among participants demonstrate the effectiveness of our holistic approach to financial well-being, as well as our commitment to enhancing employee financial health and security.

PLANSPONSOR: What does winning Plan Sponsor of the Year mean to you and your employer?

Disney: This recognition is incredibly meaningful. It affirms that the years of work we have dedicated to supporting our employees’ financial well-being are truly making a difference. It’s a moment of pride and a great motivator to continue the work.

This year, for our Plan Sponsor of the Year profiles, we are publishing Q&As based on the finalists’ applications and nominator comments. Responses are edited and may be paraphrased. In cases where the finalist self-nominated or, on its application, referred judges to the nomination for the answer, we have attributed those nominator answers to the plan sponsor.