Defined Contribution in Review

Industry developments over the last 90 days

3Q19

Quarterly Highlights
A summary of plans and sponsors making the news

Quarterly Highlights

A summary of plans and sponsors making the news

PLANSPONSOR Magazine Selects 2019 Sponsors of the Year

The Plan Sponsor of the Year annual award program recognizes retirement plan sponsors that show a commitment to their participants’ financial health and retirement success. The award is given in many categories to recognize all plan types, and any plan sponsor can be eligible. To be considered, a sponsor must first be recommended for the award, and nominations are accepted from across the industry from providers, advisers, consultants, actuaries, attorneys, third-party administrators (TPAs), employees and colleagues. All nominees are then asked to complete an online form, supplying details about the plan’s administration, participant statistics and data. Key results from some of this year’s winners included:

99% participation rate

Phillips Companies mandates employee education meetings with the plan’s 3(38) advisor to help reach a 99% participation rate

10% average deferral rate

Badger Mining Company achieves 10% average deferral rate with auto-enrollment and auto-escalation

200% 401(k) match

Kimley-Horn offers a 200% 401(k) match on up to 4% of deferrals plus a profit-sharing contribution that is typically 10%. Last year, 99% of participating employees received the maximum benefit of both
2019 Plan Sponsors of the YearCategory
Phillips CompaniesCorporate 401(k) <$25M
Taylor GuitarsCorporate 401(k) $25M-$50M
Badger Mining CorporationCorporate 401(k) $50M-$100M
Short Elliott Hendrickson Inc.Corporate 401(k) $100M-$500M
Kimley-Horn and Associates, Inc.Corporate 401(k) >$500M
University of PittsburghPublic Defined Contribution
General Health SystemNonprofit DC Plan <$250M
Intermountain Power Service CorporationNonprofit DC Plan >$250M

Learn more about these awards in the 3Q19 edition of the 

Download the full DC in Review Guide
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