Research Triangle Institute (DBA RTI International)

NOMINATOR COMMENTS

The North Carolina-based independent scientific research institute recently named by Forbes as one of America’s “Dream Employers,” is dedicated to providing a best-in-class 401(k) plan for its 3,700-strong workforce. RTI International’s employees are its greatest resource. Their well-being is a top priority, and RTI is truly dedicated to providing a quality plan that supports employees on their financial journey, from planning and saving to living comfortably in retirement. The success of the RTI 401(k) plan is due in large part to the diligence and dedication of committee members in selecting each product and service offered through the plan. These include an array of investment funds to align with employees’ individual philosophies and strategies and personalized financial advice to help them with retirement planning, as well as everyday saving and spending needs.

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.

RTI: In the past 24 to 36 months, RTI International has undertaken several noteworthy initiatives to enhance our 401(k) plan and support our employees’ financial well-being.

Recognizing the significant burden of student loan debt on our employees, we added Candidly’s student loan service to our benefits package. This service provides personalized guidance and tools to help employees manage and repay their student loans more effectively. As a result, many employees have reported reduced financial stress and an increased ability to save for retirement.

We moved our business segment plan to Vanguard, a decision driven by our commitment to providing high-quality investment options and services. The transition brought our 401(k) plans onto one consistent platform to enhance alignment in the user experience, resources and plan investment offerings across all our colleagues. This transition was seamless, and employees have expressed satisfaction with the expanded range of investment choices and the user-friendly platform.

We successfully negotiated a lower recordkeeping fee with our service provider and passed on the savings directly to our plan participants. This initiative has resulted in reduced administrative costs for employees, allowing them to retain more of their retirement savings and improve their overall financial outcomes.

Lastly, RTI conducted a year-long deep dive into the investment structure of our plan, leading to the selection of a new active small/mid-cap equity manager to provide participants skilled active management in the space, as well as the decision to enhance plan withdrawal features to allow participants more flexibility in how and when they choose to take partial withdrawals from their 401(k) plans.

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

RTI: RTI takes its role as a plan sponsor very seriously, placing a large emphasis on prudent process and diligent documentation. RTI’s Pension Advisory Committee meets on a quarterly basis, with day-to-day plan operational staff meeting with our investment adviser on a bi-weekly basis.

RTI begins each year by bringing in external fiduciary experts to conduct a fiduciary training session for the members of its PAC.

Each year, RTI’s PAC conducts a thorough review to ensure that the plan is offering the lowest-cost investment vehicles and share classes for each strategy within its investment lineup; reviews and re-states our investment policy statement to ensure adherence and relevance; does a deep-dive due diligence session into the plan’s target-date fund provider; and reviews the managed account solution offered within the plan. In addition, on a quarterly basis, the PAC reviews plan activity, fund performance, defined contribution industry updates (including updates on relevant litigation) and compares plan fees to relevant peer universes, among other items.

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.