PLANSPONSOR - April/May 2018 - 2

Insights
Symbiotic Relationships
C
ongratulations to this year's crop of PLANSPONSOR of the Year winners and finalists!
Once again the judges and editorial staff at PLANSPONSOR were inspired by the
variety of sponsors and plans submitted for the competition. In this time of negativity,
with the constant barrage of lawsuits alleging plan sponsors aren't putting their participants
first, many of our nominees' stories reaffirmed the importance, and the potential success, of
the workplace retirement program.
We often note when we talk about our experiences judging plans that crafting a retirement
plan is an art, not a science. As shown by the wide array of those recognized in our awards
programs-and in our editorial coverage-there is no single " right " way to design a retirement
plan. As judges, we have to consider each employer not necessarily in the field of its competitors
but in its own context, examining things such as plan size, industry type, employer type,
number of locations, etc.
One subject we often hear in discussions about our plan sponsor awards is that of employer
contributions or plan spending-i.e., " Well, this plan sponsor won/won't win because it can/
can't spend a lot of money on the plan. " While, it is true that generosity from an employer-
in matching or discretionary contributions-can go a long way in helping employees amass
retirement savings, that's not a standard in our judging. Yes, it's wonderful if a company can
make significant contributions to the plan, but that isn't always realistic.
We've had plan sponsors tell us that their company chose to expand head count instead of
contributing more to the plan, or that dollars spent on matches were reallocated to defray rising
health insurance costs. No one can fault employers for making those kinds of tradeoffs, and
both benefit employees.
For plan sponsors that are passionate about retirement saving outcomes but don't have
the money to increase contributions, there is an opening for innovation. Some plan sponsors
choose to embrace plan design elements such as automatic enrollment, automatic escalation or
re-enrollment, or use the opportunity to create robust communication campaigns.
If the employer can spend some extra money, perhaps it can, instead of contributing
extra dollars in matches, use it to cover plan administration costs so they don't take away from
employee savings. Or maybe the plan sponsor can find a way to offer workplace incentives
such as lunch in the workroom for those who increased their plan deferrals after a particular
communication campaign. When you read about this year's winners and finalists, I think you'll
see that the right approach and careful design decisions can enable success, even without the
need for significant company contributions.
One other note about the 2018 process. In reviewing this year's various awards across our
PLANSPONSOR and PLANADVISER brands, I found it exceptionally interesting that so many
award recipients are interconnected. For example, we have Plan Sponsor of the Year winners and
finalists being advised by Retirement Plan Adviser of the Year winners and finalists, past and
present, and PLANADVISER Top 100 Advisers. And, of course, we have the recordkeepers-
often recognized in our various surveys-supporting the retirement plans recognized as Best
in Class 401(k) Plans or Plan Sponsors of the Year. It is validating to see the symbiotic relationships
across the industry-and to know that so many American employees benefit as a result.
In addition, seeing the symbiosis between the award recipients reassures me that there
is an amazing network of retirement plan professionals, programs and companies that have
spurred real innovation. They have led the effort to develop more efficient plan designs and
administration, helped to grow assets and, ultimately, delivered improved outcomes for
participants. - Alison Cooke Mintzer, Editor-in-Chief
2 PLANSPONSOR.com April-May 2018
For plan
sponsors
that are
passionate
about
retirement
saving
outcomes but
don't have
the money
to increase
contributions,
there is an
opening for
innovation.

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PLANSPONSOR - April/May 2018

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