PLANSPONSOR - May - June 2023 - 28

AWARDS | 2023 PLAN SPONSOR OF THE YEAR FINALISTS
decisions. Hines recently added a match true-up provision and is
implementing new plan design features that will allow for mega
backdoor Roth conversions.
LiveRamp, Inc.
San Francisco, California
After LiveRamp,
Inc., a data collaboration
platform, divested from its parent
company, in 2018, it began making changes
and enhancements to its multiple retirement
savings programs. The company
offers a 401(k) plan and an employee stock
purchase plan with a six-month look-back
period and a 15% discount from the purchase price to help build
wealth and ownership in the company. LiveRamp reviews trends
and benchmarks along with employee feedback to better work
at meeting or exceeding expectations-e.g., it exchanged its
stock match for a cash match and added a target-date investment
option that provides automatic monthly payments for retirees.
The company match, 100% of 6%, is immediately vested vs. the
prior three-year vesting schedule.
Sharawn Tipton,
Chief People Officer
Corporate DC >$1b Finalists
American Express
New York, New York
In 2021, the American Express retirement
team replaced the company's 401(k) annual
discretionary profit sharing contribution,
which was variable from year to year, with
an annual fixed-rate contribution that is a
tiered benefit, to improve its colleagues'
retirement readiness. The new administrator's
system can support a " super Roth " feature where after-tax
contributions could be automatically converted to Roth contributions
each payroll period. Through its global financial wellbeing
program Smart Saving, Amex provides resources and
tools such as financial coaching, at no cost, to help its colleagues
make better financial decisions. Additionally, the company transitioned
its third-party administrator and provided participants
with enhanced capabilities.
Barbara Kontje,
Director of Retirement
and Smart Saving
Empower Retirement
Greenwood Village, Colorado
The mission of financial firm Empower Retirement is to " provide
financial freedom for all. " So, it is not surprising that the firm
pays significant attention to its retirement offering, integrating
it with a five-pillar well-being program whose benefits promote
28 PLANSPONSOR.COM May - June 2023
physical, mental, financial, social and
career health. It personalizes the overall
experience for participants through a new,
custom dashboard that bases responses on
the person's specific financial situation.
That holistic approach seems to encourage
participation in the plan. It has an 86%
engagement rate, and 76% of employees
contribute enough to get the full company
match: 100% of up to a 6% contribution. In addition, one-click
Spanish translation can be saved as a preference for ongoing web
sessions, quarterly statements and more.
Lisa Hutchens,
Director, Benefits
Lincoln Financial Group
Radnor, Pennsylvania
After three years of research, starting in
2019 with a market evaluation, and consultation
with investment
advisers,
legal
experts and in-house Employee Retirement
Income Security Act counsel, insurance
provider Lincoln Financial Group added an
in-plan guaranteed lifetime income option
to its investment lineup. The benefits team
then presented webinars to instruct employees about how and
why to adopt the option. Education is important to this plan
sponsor. Upon hire, each new employee meets one-on-one with
a dedicated retirement consultant, who helps the person map out
a personal, optimal saving strategy. Last year, the adviser team
had more than 5,000 such meetings with participants.
Melissa Santostefano,
AVP, Retirement and
Financial Wellness
Programs
Southwest Airlines Pilots
Association
Dallas, Texas
This year, Southwest Airlines Pilots
Association will have,
in total, 50 weeks
of new hire classes. The minimum 40
new pilots in each class will add 2,000plus
pilots to the 401(k) plan, growing
participation by 20%. Keeping costs, and
fees, low-while maintaining the plan's
quality-has been an imperative for the SWAPA, the bargaining
unit representing the now nearly 10,000 Southwest Airlines
pilots. In the past 18 months, the plan lowered investment costs
by adding four equity collective trusts and replacing its stable
value separate account, bringing the 401(k) plan's weightedaverage
core fund expense ratio to below 23 basis points. On the
administrative side, total annual costs are less than 1 bp. Retirees
may access " check of the money " withdrawal support and tools to
generate retirement income.
Andrew Payne,
SWAPA 401(k)
Committee Chair
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PLANSPONSOR - May - June 2023

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