PLANSPONSOR - December 2022-February 2023 - 40

PLAN PROFILE | A 2017 PLAN SPONSOR OF THE YEAR, 403(b)
Continuous Improvement
N
The 2017 403(b) Plan Sponsor of the Year exceeds its own success
icklaus Children's Hospital,
formerly Miami Children's
Hospital, was founded 72
years ago in response to the polio pandemic
and now serves children from
across the globe, though predominantly
from Latin America. Medicaid
covers 70% of the hospital's patients.
Much of what was driving its success
when we awarded it Plan Sponsor of
the Year for 403(b) plans in 2017 was
implementation of a strategic, multiyear
approach to making key plan
design changes that have positively
affected the participant population.
PLANSPONSOR checked back
with the organization and found it
has maintained its momentum and
sees continued success with its participant
population despite many market
challenges; even with the COVID-19
pandemic, which provoked plan withdrawals
of more than $24,000, participant balances have grown
dramatically.
Vice President and Chief People Officer Kara Marante attributes
the sponsor's emphasis on improving the plan to the fact
that " the retirement plan design represents the spinal cord of our
total rewards package. One thing we're incredibly proud of, " she
says, " is the longevity of our employees' tenure with the hospital
and the stability of the turnover in a very tumultuous market.
Making us remain competitive has been a priority. "
Plan assets have doubled since 2015, due to the bull market,
and several strategic design decisions have stood the test of time.
For two of these, the sponsor raised the automatic escalation limit
from 6% to 10% and decided to re-enroll employees annually. " A
PLAN SNAPSHOT
PLAN SPONSOR: Nicklaus Children's Hospital, Miami, Florida
TOTAL PLAN ASSETS: $400 million
NUMBER OF PARTICIPANTS: 5,828
fundamental priority, year over year,
is to ensure that our employees are
engaged with the plan, that they find
it rewarding, that they're participating
in it and that it serves their needs and
attracts new talent, " Marante says.
Ninety-six percent of the staff get
the full 3% employer match, down
slightly from 98% in 2017, but the
average deferral rate has grown from
5.2% to 6.5%. IncomeFlex, Empower
Retirement's retirement
income
product, was added in 2019 to provide
downstream protection during volatility
and a lifetime income stream
of payments. The uptake has been
marginal: Just 15 participants utilize
IFX. Those workers average 31% of
their assets invested in the product.
" The low utilization is not a
complete surprise, " notes Janet LaraVital,
director of total rewards and
wellness at Nicklaus, " since more than 50% of employees are
Gen[eration] Y. "
In total, five generational groups operate under this one
system, each with distinct needs, down to how the workers like
to receive communications or to plan, Marante says. " We want to
ensure that our plan supports them from day one. Often, folks
feel regret, when they mature, that they didn't start saving earlier. "
Anton Tansil, managing director, key accounts for Empower,
explains the recordkeeper's active engagement with the Nicklaus
employees. " Pre-pandemic we were on-site on a regular basis, and
the hospital staff came to know our representative well. If you
think about what these individuals do for a living, they're saving
lives; they're not really thinking about adjusting their contribution
rate and things of that nature. So having that personal touch was
important and effective.
" During the pandemic, we had to shift quickly, " he continues.
PARTICIPATION RATE: 97%
AVERAGE DEFERRAL RATE: 6.5%
EMPLOYER MATCH: 100% up to 3%; 3% discretionary contribution
" We moved to more of a virtual platform, which, interestingly, has
been just as effective. " To cite an example, the recordkeeper had
virtual options prerecorded for employees to engage with, on
their own time, to teach them financial literacy.
" The recurring theme in this plan design is that the performance
and the ability to maintain the course and improve hasn't
been accidental, " Marante says. -Judy Faust Hartnett
40 PLANSPONSOR.COM December 2022 - February 2023
Art by Chris Buzelli
http://www.PLANSPONSOR.COM

PLANSPONSOR - December 2022-February 2023

Table of Contents for the Digital Edition of PLANSPONSOR - December 2022-February 2023

INSIGHTS
RULES & REGULATIONS
PARTICIPANT ANALYSIS
UPFRONT
Risk Protection
Benchmarking Beyond Fees
Exploring ESG Investing
In Case of Emergency
Employee-Owned
FIDUCIARY FORUM
INSIDE ANGLE
PLAN PROFILE
PLANSPONSOR - December 2022-February 2023 - Cover1
PLANSPONSOR - December 2022-February 2023 - Cover2
PLANSPONSOR - December 2022-February 2023 - 1
PLANSPONSOR - December 2022-February 2023 - INSIGHTS
PLANSPONSOR - December 2022-February 2023 - 3
PLANSPONSOR - December 2022-February 2023 - RULES & REGULATIONS
PLANSPONSOR - December 2022-February 2023 - 5
PLANSPONSOR - December 2022-February 2023 - 6
PLANSPONSOR - December 2022-February 2023 - PARTICIPANT ANALYSIS
PLANSPONSOR - December 2022-February 2023 - UPFRONT
PLANSPONSOR - December 2022-February 2023 - 9
PLANSPONSOR - December 2022-February 2023 - 10
PLANSPONSOR - December 2022-February 2023 - 11
PLANSPONSOR - December 2022-February 2023 - 12
PLANSPONSOR - December 2022-February 2023 - 13
PLANSPONSOR - December 2022-February 2023 - Risk Protection
PLANSPONSOR - December 2022-February 2023 - 15
PLANSPONSOR - December 2022-February 2023 - 16
PLANSPONSOR - December 2022-February 2023 - 17
PLANSPONSOR - December 2022-February 2023 - Benchmarking Beyond Fees
PLANSPONSOR - December 2022-February 2023 - 19
PLANSPONSOR - December 2022-February 2023 - 20
PLANSPONSOR - December 2022-February 2023 - 21
PLANSPONSOR - December 2022-February 2023 - 22
PLANSPONSOR - December 2022-February 2023 - 23
PLANSPONSOR - December 2022-February 2023 - 24
PLANSPONSOR - December 2022-February 2023 - 25
PLANSPONSOR - December 2022-February 2023 - 26
PLANSPONSOR - December 2022-February 2023 - 27
PLANSPONSOR - December 2022-February 2023 - Exploring ESG Investing
PLANSPONSOR - December 2022-February 2023 - 29
PLANSPONSOR - December 2022-February 2023 - 30
PLANSPONSOR - December 2022-February 2023 - 31
PLANSPONSOR - December 2022-February 2023 - 32
PLANSPONSOR - December 2022-February 2023 - 33
PLANSPONSOR - December 2022-February 2023 - In Case of Emergency
PLANSPONSOR - December 2022-February 2023 - 35
PLANSPONSOR - December 2022-February 2023 - Employee-Owned
PLANSPONSOR - December 2022-February 2023 - 37
PLANSPONSOR - December 2022-February 2023 - FIDUCIARY FORUM
PLANSPONSOR - December 2022-February 2023 - INSIDE ANGLE
PLANSPONSOR - December 2022-February 2023 - PLAN PROFILE
PLANSPONSOR - December 2022-February 2023 - Cover3
PLANSPONSOR - December 2022-February 2023 - Cover4
https://www.plansponsordigital.com/plansponsor/december_2022_february_2023
https://www.plansponsordigital.com/plansponsor/october_november_2022
https://www.plansponsordigital.com/plansponsor/august_september_2022
https://www.plansponsordigital.com/plansponsor/june_july_2022
https://www.plansponsordigital.com/plansponsor/excellenceawards_2022
https://www.plansponsordigital.com/plansponsor/april_may_2022
https://www.plansponsordigital.com/plansponsor/february_march_2022
https://www.plansponsordigital.com/plansponsor/december_2021_january_2022
https://www.plansponsordigital.com/plansponsor/october_november_2021
https://www.plansponsordigital.com/plansponsor/august_september_2021
https://www.plansponsordigital.com/plansponsor/june_july_2021
https://www.plansponsordigital.com/plansponsor/april-may_2021
https://www.plansponsordigital.com/plansponsor/february-march_2021
https://www.plansponsordigital.com/plansponsor/december-january_2021
https://www.plansponsordigital.com/plansponsor/october-november_2020
https://www.plansponsordigital.com/plansponsor/august-september_2020
https://www.plansponsordigital.com/plansponsor/june-july_2020
https://www.plansponsordigital.com/plansponsor/april-may_2020
https://www.plansponsordigital.com/plansponsor/february-march_2020
https://www.plansponsordigital.com/plansponsor/december-january_2020
https://www.plansponsordigital.com/plansponsor/october-november_2019
https://www.plansponsordigital.com/plansponsor/august-september_2019
https://www.plansponsordigital.com/plansponsor/june-july_2019
https://www.plansponsordigital.com/plansponsor/april-may_2019
https://www.plansponsordigital.com/plansponsor/february-march_2019
https://www.plansponsordigital.com/plansponsor/december_2018-january_2019
https://www.plansponsordigital.com/plansponsor/october-november_2018
https://www.plansponsordigital.com/plansponsor/august-september_2018
https://www.plansponsordigital.com/plansponsor/june-july_2018
https://www.plansponsordigital.com/plansponsor/april-may_2018
https://www.plansponsordigital.com/plansponsor/february-march_2018
https://www.plansponsordigital.com/plansponsor/december_2017-january_2018
https://www.plansponsordigital.com/plansponsor/november_december_2017
https://www.plansponsordigital.com/plansponsor/october_2017
https://www.plansponsordigital.com/plansponsor/september_2017
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