PLANSPONSOR - February/March 2018 - 49

having an investment policy statement (IPS) and having an automatic
escalation feature in the plan.
While some might argue that having an IPS is not required
by the Employee Retirement Income Security Act (ERISA), it is
widely accepted as a best practice, with support from many in
the retirement plan industry for all plan sponsors to adopt one.
Therefore, the requirement that a plan have a group of people
committed to reviewing investments, and a set of guidelines for
how said investments should be evaluated, is a logical one. As
savings rates and contributions are the most important factors for
amassing retirement savings, the presence of a design element
that proactively encourages participants to increase their savings
rate is also a logical requirement.
The other criteria are not mandatory but are scored in a way
that allows any plan to potentially receive points. Some points
are given for achieving certain levels of success-for example,
2018 Best in Class Plans
Allianz Asset Accumulation Plan
(Golden Valley, Minnesota)
$1.5b / 5,000 - 9,999 Participants / Insurance, Reinsurance
95.0%
ELIGIBILITY:
10.0% DEFAULT DEFERRAL RATE:
15
Quarterly
Yes
MATCH VESTING PERIOD:
MATCH RATE:
% RECEIVING FULL MATCH:
3 years
100% of first 7.5% of salary
75% or more
AUTO-ESCALATION:
The Boeing Company Voluntary Investment Plan
(Chicago, Illinois)
PARTICIPATION RATE:
AVG DEFERRAL RATE:
# OF FUNDS OFFERED:
INVESTMENT REVIEW:
TRUE-UP FEATURE:
Immediate
3.0%
DEFAULT INVESTMENT: Retail TDF (active)
Opt-out
No
SYSTEMATIC WITHDRAWALS:
FEE EQUALIZATION:
Not applicable
MAX EMPLOYER CONTRIBUTION:
>7.5%
FINANCIAL EDUCATION:
o Saving/Budgeting o Investing strategies o Tax/Estate planning
o College saving o Credit/Debt mgmt o Retiree health costs/savings options
RECORDKEEPER:
Alight Solutions
Ancestry.com Retirement Savings and
Investment Plan (Lehi, Utah)
>$50mm - $100mm / 1,000 - 4,999 Participants / Technology
92.0%
ELIGIBILITY:
9.1% DEFAULT DEFERRAL RATE:
18
Quarterly
Yes
MATCH VESTING PERIOD:
MATCH RATE:
% RECEIVING FULL MATCH:
4 years
100% of first 3% of salary
75% or more
AUTO-ESCALATION:
PARTICIPATION RATE:
AVG DEFERRAL RATE:
# OF FUNDS OFFERED:
INVESTMENT REVIEW:
TRUE-UP FEATURE:
Immediate
6.0%
DEFAULT INVESTMENT: Retail TDF (active)
Opt-out
Yes
SYSTEMATIC WITHDRAWALS:
FEE EQUALIZATION:
Planned for 2018
MAX EMPLOYER CONTRIBUTION:
3.0%
FINANCIAL EDUCATION:
o Saving/Budgeting o Investing strategies o Tax/Estate planning
o College saving o Credit/Debt mgmt o Retiree health costs/savings options
RECORDKEEPER:
Empower Retirement
$59.6b / 10,000 or more Participants / Aerospace & Defense
94.2%
ELIGIBILITY:
11.6% DEFAULT DEFERRAL RATE:
14
Quarterly
MATCH VESTING PERIOD:
MATCH RATE:
% RECEIVING FULL MATCH:
Immediate
DEFAULT INVESTMENT:
AUTO-ESCALATION:
No SYSTEMATIC WITHDRAWALS:
FEE EQUALIZATION:
PARTICIPATION RATE:
AVG DEFERRAL RATE:
# OF FUNDS OFFERED:
INVESTMENT REVIEW:
TRUE-UP FEATURE:
75% of employee contribution, up to 8% of salary
75% or more
Immediate
4.0%
Custom TDF
Opt-out
Yes
Not applicable
MAX EMPLOYER CONTRIBUTION:
11.0%
FINANCIAL EDUCATION:
o Saving/Budgeting o Investing strategies o Tax/Estate planning
o College saving o Credit/Debt mgmt o Retiree health costs/savings options
RECORDKEEPER:
Conduent LLC
The Brunswick Rewards Plan
(Mettawa, Illinois)
$1.34b / 8,100 Participants / Manufacturing - Recreation Products
96.0%
ELIGIBILITY:
7.7% DEFAULT DEFERRAL RATE:
13
Quarterly
Yes
MATCH VESTING PERIOD:
MATCH RATE:
% RECEIVING FULL MATCH:
2 years
AUTO-ESCALATION:
high participation and deferral rates. High employer contributions
also have the potential to earn a company a significant
number of points.
Plans are rewarded for allowing participants to enjoy the
benefits of their plan quickly, with more points available to those
that offer immediate or short eligibility-i.e., for participation,
access to the match and vesting-and negative points given for
the reverse.
Additionally, some more innovative elements were also
rewarded: Plans received points for true-up match contributions,
fee equalization and provision for loan payments post-separation,
for example.
These criteria and scoring methodologies will be changed
as necessary to properly reflect current industry standards-it is
likely that something else will be added to the list or given more
weight next year. -PS
PARTICIPATION RATE:
AVG DEFERRAL RATE:
# OF FUNDS OFFERED:
INVESTMENT REVIEW:
TRUE-UP FEATURE:
Immediate
3.0%
DEFAULT INVESTMENT: Retail TDF (index)
Opt-out
Yes
Yes
SYSTEMATIC WITHDRAWALS:
FEE EQUALIZATION:
100% of first 3% of salary; 50% of next 2%
50% - 75%
MAX EMPLOYER CONTRIBUTION:
10.0%
FINANCIAL EDUCATION:
o Saving/Budgeting o Investing strategies o Tax/Estate planning
o College saving o Credit/Debt mgmt o Retiree health costs/savings options
RECORDKEEPER:
Vanguard
PLANSPONSOR.com February-March 2018 49
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PLANSPONSOR - February/March 2018

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