|December 17, 2018, Peoria, IL - Alliance Benefit Group (ABG) is pleased to announce the winners of its 2018 Plan Sponsor of the Year awards. ABG created this program in 2017 with an emphasis on raising awareness of employers focusing on employee retirement readiness and how they can make a real difference in participant outcomes.
ABG's president, Don Mackanos, said "This year we had so many great plan sponsor stories, we created three categories of winners. One for best plan design, one for best education program, and one overall winner. By recognizing three categories, we feel the messages are stronger for other employers to adopt many of these best practices."
Here are the winners for 2018:
Winners will receive a beautiful crystal award for display in their offices, plus a digital stamp signifying the award for use on their website and other places.
- Overall winner: Seattle Indian Health Board nominated by Spectrum Pension Consultants (Spectrum). The Seattle Indian Health Board (SIHB) is a community health care and services targeting the urban American Indian and Alaska Native population in the greater Seattle/King County area. SIHB engaged Spectrum to identify and recommend plan design options to enhance its workplace retirement offering, with a key focus on retirement outcomes. Notable retirement plan enhancements included adoption of automatic design features, adoption of a safe harbor match, implementing on-site plan education services, and offering participant one-on-one meetings with advisors. In addition, the plan's fiduciary advisor established ongoing meetings with the retirement plan governance committee. The outcomes have proven significant. Participation rates rose from 40.5% to 93.8%; average participant elective deferrals rose by nearly 90%; average employer contributions increased by almost a factor of 4x.
- Winner best plan design: Leader Dogs for the Blind nominated by ABG of Michigan. Consistency over several years was the key to modifying behavior. Significant efforts were made to help employees reach their financial goals through increased deferral rates and plan participation. Buy-in from the board level on down was a critical component to success.
- Winner best participant education: Reid Hospital nominated by Nyhart. Our financial wellness solution, Votaire, was a key component to helping employees. Also providing annual, on-site education explaining plan provisions and retirement readiness helped to increase overall participation and savings rates.
For additional information on Alliance Benefit Group go to www.abgnational.com or contact Don Mackanos at firstname.lastname@example.org.
About Alliance Benefit Group
Alliance Benefit Group LLC (ABG), is a national organization of retirement plan, health and welfare consulting and benefit administration firms. Founded in 1991, ABG's unique structure allows its Members to maintain their independence and autonomy, yet provide all Members access to broader service offerings, sharing of best practices, and collaborative technical support. This collaboration has allowed its Members to grow more rapidly than industry counterparts, to where today ABG services 20,000 retirement plans and in excess of $70 Billion in assets. ABG's emphasis on high service standards and continuing education designations help its Members to be regularly recognized with industry awards and accolades.