Unum Group

FINALIST

Ben Roberge
Assistant Vice President, Financial Wellbeing and Retirement Programs

Location:

Chattanooga, Tennessee
Industry:

Financial services/Banking
Plan(s) Offered:

401(k); emergency savings
Plan Assets:

401(k) – $2.78B; emergency savings – $2.45M (part of the $2.78B)
Number of Participants:

401(k) – 9,000 (approximately)
DC Plan Participation Rate:

91%
DC Plan Average Deferral Rate:

8%
Automatic Enrollment:

Yes
Automatic Escalation:

Yes
Default Deferral Rate for Auto-Enrollment:

401(k) – 5% pretax; emergency savings – 1% after-tax
Default Investment Fund:

State Street Target Retirement Funds – IncomeWise Class
DC Plan Employer Contribution:

100% of 5% + 4.5% nonelective
Recordkeeper:

Fidelity Investments
Plan Adviser:

N/A
Financial Wellness Educator(s):

Ameriprise; Brightside

Since 2021, Unum Group, a provider of group life and voluntary workplace benefits, has been tailoring a comprehensive suite of retirement income options to its participant base. Starting with a nonguaranteed systematic withdrawal program, it added an annuity marketplace, enabling hands-on participants to compare offerings, and a target-date fund with integrated lifetime income features. To help non-highly compensated employees protect their savings, Unum adopted an in-plan emergency savings program. Defaulted in at 1%, participants may withdraw savings from the dedicated post-tax source, fee-free; 1,100 are enrolled and have saved $2.5 million. Unum employed a multi-platform educational campaign to explain the program; a financial concierge service provided personalized guidance.

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