PLANSPONSOR - April/May 2020 - 29

AWARDS 2020 PLAN SPONSOR OF THE YEAR FINALISTS
Curtis Woitte, Deputy Director
and Chief Financial Officer,
Denver Art Museum
Dan Cawley, Chief
Operating Officer, Hopelab
Foundation, Inc.
Denver Art Museum
Denver, Colorado
PLAN: 403(B). PLAN ASSETS: $11.4mm. PARTICIPANTS: 359. PARTICIPATION
RATE: 88%. AVERAGE DEFERRAL RATE: 6.06%. EMPLOYER
CONTRIBUTION: 100% of 2% plus 3% nonelective contribution.
RECORDKEEPER: OneAmerica. ADVISER: Work Plan Retire.
Until 2016, Denver Art Museum's 403(b) plan had a decades'
old plan design. " It was a very antiquated model, " says Deputy
Director and Chief Financial Officer Curtis Woitte. " The problem
was, because it was set up as individual retirement accounts,
as opposed to a group plan, we had no control. " In 2016, the
museum relaunched its retirement benefit as a group 403(b),
incorporating automatic enrollment features and re-enrollment.
It also changed recordkeepers to OneAmerica, brought on plan
adviser Work Plan Retire and enhanced its employee education.
Participation has since jumped 87.2%-from 47% before the
relaunch to 88% now-and the average deferral has soared
152.5%, from 2.4% to 6.06%. The revamping of its benefits
included adding a student loan repayment program. -JW
Hopelab Foundation, Inc.
San Francisco, California
PLAN: 401(k). Plan Assets: $10.1mm. PARTICIPANTS: 75. PARTICIPATION
RATE: 100%. AVERAGE DEFERRAL RATE: 9.31%. EMPLOYER
CONTRIBUTION: 10% discretionary contribution. RECORDKEEPER: T.
Rowe Price. ADVISER: Praxis Consulting.
Hopelab Foundation, Inc., realized its generous employer contribution
discouraged workers from putting their own money into
the retirement plan, so it changed its approach. A social-innovation
lab, it applied one of its methods for effecting change: using
behavioral " nudges. " Hopelab began automatically enrolling new
hires at 6%. It also re-enrolled all workers deferring less than
6%, at 6%, unless they opted out, and added 1% automatic escalation,
up to 12%. " We contribute 10% of an employee's compensation
each year, regardless of whether they contribute, " says Chief
Operating Office Dan Cawley. Praxis Consulting helped workers
understand they also need to save to retire with adequate money.
The plan now has 100% participation. With the employer contributions,
the average participant balance is $150,000. -JW
Tom Topik, Human Resources
Officer, ARUP Laboratories
Lisa Abbott, Senior Vice President,
Human Resources and
Community Affairs, Lifespan
Nonprofit DC >$500mm
ARUP Laboratories
Salt Lake City, Utah
PLAN: 403(b). Plan Assets: $632mm. Participation RATE: 96%.
AVERAGE DEFERRAL RATE: 10.6%. EMPLOYER CONTRIBUTION: 8.1%,
plus 12% of profits, allocated based on compensation. RECORDKEEPER:
Milliman. ADVISER: Cook Street.
ARUP Laboratories, a nonprofit enterprise of the University of
Utah, specializes in lab testing for over 4,000 types of diseases.
Human Resources Officer Tom Topik says, " We've taken every
step possible to maximize employees' retirement savings. " The
sponsor has automatically enrolled employees since 2005 and
instituted a 9.2% deferral rate for those who are eligible. It uses
automatic escalation, provides a generous employer contribution,
and last July added what it plans to be an annual re-enrollment,
bumping participants who defer less than the default
into the InvestMap program. Topik calls ARUP's plan " a true
auto-pilot plan. It relieves a lot of their stress about what to do;
they're not retirement experts, " he says. -Rebecca Moore
Lifespan
Providence, Rhode Island
PLAN: 401(k). PLAN ASSETS: $1.2b. PARTICIPANTS: 18,130. PARTICIPATION
RATE: 95%. AVERAGE DEFERRAL RATE: 7.1%. EMPLOYER
CONTRIBUTION: 100% match of 6%. RECORDKEEPER: Fidelity
Investments. ADVISER: Strategic Retirement Group.
Lifespan is the largest health system in Rhode Island. Its mergers
and acquisitions in getting there, however, created a jumble of
retirement plans. It was not until moving to a single 401(k) plan
that the confusion cleared up. " I don't think anyone realized the
burden of administering disparate plans ... and how this was not
creating a retirement with dignity for participants, " says Lisa
Abbott, senior vice president, human resources and community
affairs. Lifespan prioritized communications and the overall
financial wellness of employees-in which the 401(k) plan plays
a part. Fidelity provides advisers for each site, as well as a student
loan repayment program that offers an array of financial opportunities
for debt forgiveness and repayment. -RM
PLANSPONSOR.COM April - May 2020 29
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PLANSPONSOR - April/May 2020

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