Sequoia One

Jane Hildeburn Mahoney (left) and Nicholette Hincapie (right)

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.

Sequoia One: We took several initiatives, including:

• Recordkeeping fee change: We implemented a flat, per-participant administrative fee instead of a percentage-based fee, making it easier for participants to understand how much they pay to participate in the plan and encouraging 401(k) account consolidation;
• Personalized automated email message campaigns to participants: 6.36% of recipients took at least one positive action toward their retirement savings, and 3,379 made a deferral change; and
• Participant education: We increased the amount of education and enrollment sessions for newly eligible and new hires from once per month to three times per month. The multiple options allow participants in different time zones and schedules to all have access to plan education.

PLANSPONSOR: Please explain the ongoing governance efforts of those involved with the plan meant to ensure its compliance and effective operation.

Sequoia One: We have quarterly meetings with the Sequoia One 401(k) Investment Committee to discuss fund performance, compliance of the plan, industry trends and any proposed plan-wide changes. We have weekly meeting with Empower and its ERISA consultant, who cascades any pertinent Department of Labor and IRS updates to the team.

As needed, we meet with outside ERISA counsel to discuss significant plan questions, adopter situations or proposed plan changes.

In addition, the Sequoia Advisory Financial Services team (part of the Sequoia company) stays up-to-date on current events, retirement industry trends and new regulations. Internal knowledge sharing and cross-functional work with the MEP team creates awareness and implementation of IRS and DOL updates.

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.