UAB St. Vincent’s Employment Authority

FINALIST

John Petrov
Chief Human Resources Officer

Location:

Birmingham, Alabama
Industry:

Health care/Hospital (public)
Plan(s) Offered:

403(b); defined contribution and 457(b); deferred compensation
Plan Assets:

403(b) – $125.2M; 457(b) – $1.6M
Number of Participants:

403(b) – 5,712; 457(b) – 60
DC Plan Participation Rate:

99%
DC Plan Average Deferral Rate:

8.7%
Automatic Enrollment:

Yes
Automatic Escalation:

Yes
Default Deferral Rate for Auto-Enrollment:

5%
Default Investment Fund:

TIAA Retire Plus
DC Plan Employer Contribution:

100% of 5%
Recordkeeper:

TIAA
Plan Adviser:

Johnson Sterling
Financial Wellness Educator(s):

TIAA; TIAA Wealth Management

UAB St. Vincent’s Employment Authority was established to serve as employer for UAB’s acquired employees of St. Vincent’s Hospital. Mindful of a retirement plan’s value to aid in such a transition, UAB carefully chose a new recordkeeper and its professionally managed custom model portfolios as the QDIA, the nominator wrote. The solution adjusts over time and includes a guaranteed lifetime income component. The sponsor also implemented automatic enrollment. Of the 4,842 eligible employees, 4,731 accepted. A comprehensive and participant-centric communication program, including multi-location signage with custom QR codes for scheduling counseling sessions, helped participants roll over their savings.

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