PLANSPONSOR - February/March 2019 - 28

PLAN SPONSOR
FINALISTS
Nonprofit DC <$250mm Finalists
BioBridge Global San Antonio, Texas
BioBridge Global (BBG), a company that oversees and supports human tissue and blood donations, made
periodic, nonelective 6% contributions to its 401(a) retirement plan, yet it noticed that the 403(b) plan was
stagnant-most workers were neglecting to invest in their accounts. Concerned it was giving them a false
sense of security, BioBridge decided to take action. First, it simplified saving by consolidating the 401(a)
and 403(b) assets into one 401(k) plan. Second, it changed its contributions from a 6% nonelective to a
401(k) QACA [qualified automatic contribution arrangement] safe harbor match-i.e., 100% of the first
1% of compensation, 50% of the next 5%. It also reduced its nonelective contribution to 2.5%; enhanced
its vesting schedule; and allowed employees to enter the plan immediately and receive the match sooner.
It also added automatic enrollment and escalation. The participation rate is now 98% and the average
deferral rate is 5%. RECORDKEEPER: Fidelity Investments ADVISER: Pensionmark Financial Group
Cobleskill Regional Hospital Cobleskill, New York
Last year, Cobleskill Regional Hospital transitioned to a 25-bed, not-for-profit critical access hospital
(CAH). To provide comprehensive, cost-effective and employee-friendly benefits in the health care field in
rural upstate New York can be a challenge. Automatic enrollment had been implemented several years
before, but tenured employees were overlooked. So the hospital added automatic re-enrollment, with
a 1% deferral and automatic increases of 1% annually. Participation rose 25%, to 98%. Another goal
was to eliminate a feature that let employees contribute a flat-dollar amount vs. a percentage of pay. To
encourage them to switch, a comprehensive communications effort, including emails and one-on-ones
with advisers, was undertaken. As a result, every participating employee now contributes a percentage of
pay. RECORDKEEPER: TIAA; ADVISER: HANYS [Healthcare Association of New York State] Benefits Services
John F. Barnes,
vice president human
resources and learning
Christine Pirri, vice president
of nonclinical operations
and compliance officer
General Health System Baton Rouge, Louisiana
General Health System (GHS) has worked to create a culture of wellness, first stressing physical health but
now including financial health. To help workers and their children navigate their options to pay off student
loans, GHS partners with Vault, a student loan education platform. It also offers PayActiv, whereby employees
can get an advance on wages earned as an alternative to taking payday loans. The plan re-enrolls eligible,
nonparticipating employees annually, at 4%, and automatically escalates deferrals, discouraging opt-outs
by coordinating the increase with annual reviews and raises to lessen its visual impact. These changes
have raised participation from 77% to 93%, with 99% of new members also accepting auto-escalation. At
participants' current pace, GHS expects to see their average income replacement ratio grow from a low of
46.3% to 75%. Recent website upgrades to promote financial wellness include a financial health assessment
exercise and tools to aid with budgeting. RECORDKEEPER: Prudential Retirement; ADVISER: Retirement Advisors
Kokua Kalihi Valley Honolulu, Hawaii
Kokua Kalihi Valley (KKV), a service organization in one of the lowest-income communities in Hawaii,
was founded by locals to tackle longstanding health inequities. It has a 46-year track record of caring for
its employees by way of a strong package of benefits; of these, its 403(b) program is the star. The plan
provides an 8.5% nonelective employer contribution. In the past few years, it has overhauled the core of
its retirement program, having used a competitive process to select a new adviser and custodian. It made
significant plan changes to comply with IRS 403(b) regulations before the remedial amendment period
ends March 31, 2020. Last year, as part of the overhaul, KKV gave over 58 hours of financial wellness
education to its employees. The plan's 67% participation rate is a testament to the work the retirement
plan committee, plan provider and adviser have done to educate workers about the plan and saving for
retirement. RECORDKEEPER: OneAmerica; ADVISER: Retirement Benefits Group
28 PLANSPONSOR.com February - March 2019
Kendall Johnson,
vice president and chief
financial officer
David D. Derauf,
M.D./MPH, executive
director

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PLANSPONSOR - February/March 2019

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