PLANSPONSOR - February/March 2020 - 20

AWARDS | 2020 PLANSPONSOR BEST IN CLASS 401(k) PLANS
These plans
are in tune
with industry
innovation,
oversight and
participant
needs
FOR THE SIXTH YEAR, PLANSPONSOR is pleased to award its Best in Class 401(k) Plan designation.
Using a proprietary system created by the PLANSPONSOR research team and key editorial
staff (see Methodology, page 24), we selected 34 plans-this year, for the first time, from two
groups of plan sponsors. The majority of sponsors received the award-as has been true since
its inception-based on their responses to the latest PLANSPONSOR Defined Contribution (DC)
Survey. Because this was the sixth year, it was also the year that the first class of plans, designated
in 2015, had to requalify to keep their Best in Class status.
Why requalification? As the employer-sponsored retirement plan industry evolves, so has
PLANSPONSOR's Best in Class criteria and scoring methodology, which we update to properly
reflect industry best practices. For instance, most U.S. plan sponsors have adopted or considered
automatic features since those were first established in 2006 by the Pension Protection Act (PPA).
These solutions along with others enabled by the PPA, were important first steps toward improving
retirement outcomes. But in the years since, we have learned these features must be supplemented
with education and other efforts to communicate the basic rules of investing and saving. Without
having their financial house in order, employees may never be able to contribute more than the
automatic enrollment default amount, for instance. Best in Class plans, therefore, do not just get
points for having auto-enrollment features, but for how those are being used: whether the plan has
undergone a re-enrollment, for example.
In the last few years, a new emphasis on financial wellness has taken hold in the retirement
industry, and this enriches today's Best in Class plans and has informed our methodology. Perhaps
other emerging, forward-thinking design elements, such as emergency savings opportunities and
student loan repayment programs, will not be far behind. -PS
For the complete list of Best in Class plans, see Awards on PLANSPONSOR.com.
GROOVE
the
IN
20 PLANSPONSOR.COM February - March 2020
Art by Mar Hernández

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PLANSPONSOR - February/March 2020

Table of Contents for the Digital Edition of PLANSPONSOR - February/March 2020

The Case for a Process
2020 PLANSPONSOR Best in Class 401(k) Plans
A Changed Perspective
Seize the Opportunity
Ready As It Goes
Income Insight
Good Read
PLANSPONSOR - February/March 2020 - Cover1
PLANSPONSOR - February/March 2020 - Cover2
PLANSPONSOR - February/March 2020 - 1
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PLANSPONSOR - February/March 2020 - 13
PLANSPONSOR - February/March 2020 - The Case for a Process
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PLANSPONSOR - February/March 2020 - 19
PLANSPONSOR - February/March 2020 - 2020 PLANSPONSOR Best in Class 401(k) Plans
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PLANSPONSOR - February/March 2020 - 28
PLANSPONSOR - February/March 2020 - 29
PLANSPONSOR - February/March 2020 - A Changed Perspective
PLANSPONSOR - February/March 2020 - 31
PLANSPONSOR - February/March 2020 - 32
PLANSPONSOR - February/March 2020 - 33
PLANSPONSOR - February/March 2020 - Seize the Opportunity
PLANSPONSOR - February/March 2020 - 35
PLANSPONSOR - February/March 2020 - Ready As It Goes
PLANSPONSOR - February/March 2020 - 37
PLANSPONSOR - February/March 2020 - Income Insight
PLANSPONSOR - February/March 2020 - 39
PLANSPONSOR - February/March 2020 - Good Read
PLANSPONSOR - February/March 2020 - 41
PLANSPONSOR - February/March 2020 - 42
PLANSPONSOR - February/March 2020 - 43
PLANSPONSOR - February/March 2020 - 44
PLANSPONSOR - February/March 2020 - 45
PLANSPONSOR - February/March 2020 - 46
PLANSPONSOR - February/March 2020 - 47
PLANSPONSOR - February/March 2020 - 48
PLANSPONSOR - February/March 2020 - Cover3
PLANSPONSOR - February/March 2020 - Cover4
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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
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https://www.plansponsordigital.com/plansponsor/april-may_2019
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