AZOA (Allianz of America) Services Corporation

FINALIST

Bernie Schleper
Retirement Benefits Manager

Location:

Minneapolis, Minnesota
Industry:

Financial services/Banking
Plan(s) Offered:

401(k)
Plan Assets:

$2.2B
Number of Participants:

8,195
DC Plan Participation Rate:

94%
DC Plan Average Deferral Rate:

10%
Automatic Enrollment:

Yes
Automatic Escalation:

Yes
Default Deferral Rate for Auto-Enrollment:

5%
Default Investment Fund:

JP Morgan Chase Bank SmartRetirement DRE (direct real estate) target-date funds
DC Plan Employer Contribution:

100% of 7.5% (100% of 5% at Allianz Partners) + nonelective .5% to 10.8% or flat dollar of $1,000, amount determined by the participating entity
Recordkeeper:

Empower
Plan Adviser:

N/A
Financial Wellness Educator(s):

Empower

Azoa is an internal shared service organization, providing retirement benefits to eight Allianz entities. Using three payroll providers and being geographically diverse, it was a challenge to oversee. So the plan changed its recordkeeper and custodian, linking the two. This simplified administration, at the same time lowering fees, improving retirement projections and expanding participant education. Other actions included adding an in‑plan annuity, transitioning its managed account offering to again lower fees, and adopting student loan matching among other voluntary provisions from the Setting Every Community Up for Retirement Enhancement 2.0 Act. Three committees, dedicated to investments, benefits administration and shared plan management, provide governance.

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