Northwell Health Inc.

FINALIST

Gregg Nevola
Vice President, Head of Benefits

Location:

Lake Success, New York
Industry:

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

401(k); 403(b); 457(b); 409A; cash balance; defined benefit
Plan Assets:

DC – $15.2B; DB – $2.8B
Number of Participants:

DC – 107,515; DB – 46,347
DC Plan Participation Rate:

97.3%
DC Plan Average Deferral Rate:

11.3%
Automatic Enrollment:

Yes
Automatic Escalation:

Yes
Default Deferral Rate for Auto-Enrollment:

3%
Default Investment Fund:

Vanguard target retirement funds
DC Plan Employer Contribution:

100% of 2% + 3% nonelective, for employees hired before July 1, 2018; 100% of 2% + 5.5% nonelective, for those hired after; + 3% nonelective for executives and physicians
Recordkeeper:

Transamerica 
Plan Adviser:

Meketa Investment Group
Financial Wellness Educator(s):

Transamerica; Morgan Stanley

In 2025, Northwell introduced a new defined benefit plan, which this network of private health care providers funds 100%. Staff could join or not; either way, their voluntary deferrals to their 401(k) or 403(b) plan continued. Further, the organization’s Ready to Retire program provides team members with a retirement readiness prep video, a virtual retirement readiness workshop, a one-on-one appointment with a financial representative and a retirement planning guide and checklist. A discount program frees up more money to put toward retirement through saving on car care, banking, dining, insurance, etc. Communications include webinars and special events on pertinent topics.

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