PLANSPONSOR - July - August 2023 - 24

AWARDS | 2023 PLAN SPONSOR OF THE YEAR WINNERS
Corporate DC $25mm - $150mm
Blue Cross & Blue Shield of Mississippi, Inc.,
A Mutual Insurance Company Flowood, Mississippi
Rogers says, so it raised the 401(k) match from
5% to 6% and availed them of the nonelective
annual contribution at a new 6% rate, applicable
to anyone with five years of service or more, vs.
what had been 4% for everyone with one year of
service or more.
These improvements raised the standard
of the plan for everyone, he observes.
To ensure the changes were well received,
Harold Rogers, vice president, human resources
Plan Snapshot
PLAN TYPE AND SIZE: 401(k), frozen defined benefit
plan; $89.2mm for 401(k)
PARTICIPANTS AND PARTICIPATION RATE: 739; 97.7%
DEFERRAL RATE: 4% default; 7.4% average
EMPLOYER CONTRIBUTION: 100% of 6%, 6% nonelective
FOR BLUE CROSS & BLUE SHIELD of
Mississippi, Inc., good health includes being
financially secure and ready for retirement.
The company, in the past year-and-a-half,
has taken several steps to upgrade its plan and
increase retirement readiness. Today, participation
is 97%. " Employees are very engaged with
human resources and the 401(k) plan, " says
Harold Rogers, vice president of human resources
at the company, in Flowood, Mississippi.
Until 2007, BCBSM had an active defined
benefit plan, which it then froze to new
employees, Rogers says. Those hired thereafter
enrolled in a 401(k). In December 2020, the
DB plan was closed for all, and the remaining
participants transferred to the other plan.
BCBSM wanted to compensate the DB
participants for what they would be losing,
24 PLANSPONSOR.COM July - August 2023
it was key to communicate them to the participants
being affected, Rogers says. " The most
important thing, from our perspective, [was
meeting] with all of those pension employees in
person, before they got something in the mail. "
It helped when employees understood, too, that,
with their 6% contribution, they could save up
to 18%, Rogers says.
The plan's administrator, the National
Employee Benefits Administration, and recordkeeper,
Fidelity Investments, were strong partners
in the rollout, Rogers says. " We went
through different scenarios of, 'How high do we
put this percentage?' 'What would be the ramifications
for nondiscrimination testing,' " etc. " I
was pleased with their systems. "
NEBA and the plan's investment advisers, in
an additional move, updated the core fund lineup
and target-date fund suite, thereby lowering
management fees and helping participants save
more, Rogers says.
The plan is just one way BCBSM is
working to advance wellness in its state. For
another, it seeks to have " inclusive representation
that reflects the state in which we live, "
Rogers says. Over 60% of staff are women, and
40% are minorities. According to the company's
most recent report, 58.4% are Caucasian,
33% African American, 7.6% Asian and 1%
Hispanic/Latino.
Providing a strong retirement plan and
support for these workers is key to advancing
economic progress in the state, notably among
rural populations, says Megan Moity, the
insurer's senior employee relations specialist.
-Alex Ortolani
Finalists
Kyowa Kirin, Inc.
Princeton, New Jersey
OneAZ Credit Union
Phoenix, Arizona
Pacific Service Credit Union
Concord, California
Shentel
Edinburg, Virginia
More on PLANSPONSOR.com/
awards/2023psoy
" The most
important
thing, from
our perspective,
[was
meeting]
with all
of those
pension
employees
in person,
before
they got
something
in the mail. "
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PLANSPONSOR - July - August 2023

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