PLANSPONSOR - May/June 2024 - 28

AWARDS | 2024 PLAN SPONSOR OF THE YEAR FINALISTS
John Hopkins' Applied Physics Laboratory
is a research division of
The Johns Hopkins University. The
APL tailors plan communications to,
for instance, encourage optimization
of undersavers' saving rates and to
promote the benefits of Roth, which
42% of participants use. Educational
nudges and annual retirement evaluations,
etc., help to engage staff members
with assessing and improving their
progress toward their retirement goals.
Michigan State
University Federal
Credit Union
Silvia Dimma, chief human
resources officer
LOCATION: East Lansing, Michigan. PLAN
TYPES: 401(k); 457. PLAN ASSETS: $143.1mm.
PARTICIPANTS: 1,313. PARTICIPATION RATE:
97.2%. AVERAGE DEFERRAL RATE: 8.2%. EMPLOYER
CONTRIBUTION: 200% of up to 4% + 2%
nonelective.
Michigan State University Federal
Credit Union's plan uses automatic
enrollment, but all new employees get
onboarded personally by the committee,
which ensures they comprehend the
plan. Further, the plan offers annual
one-on-one employee education. The
committee has explored several new
strategies, such as managed accounts
and in-plan annuities. Upgrading its
adviser to a 3(38) fiduciary has freed
up time for other plan matters and
enhancing liability protection.
Security Service
Federal Credit
Union
Suzanne Levan, vice president
benefits and wellness
LOCATION: San Antonio, Texas. PLAN TYPE:
401(k). PLAN ASSETS: $278mm. PARTICIPANTS:
2,589. PARTICIPATION RATE: 95.9%. AVERAGE
DEFERRAL RATE: 6.8%. EMPLOYER CONTRIBUTION:
200% of 4% + 2% nonelective for all eligible
employees.
Security Service Federal Credit Union,
established as the U.S. Air Force Credit
Union, spent the past three years
28 PLANSPONSOR.COM May - June 2024
enhancing its 401(k), aligning it with the
organization's " total-wellbeing " culture.
The effort was a two-tiered strategy
focusing on plan design/investment
improvement and employee education/
tools. SSFCU also added a health savings
account benefit to boost employee financial
well-being and retirement savings.
SEIU 775 Secure
Retirement Plan
Josh Luskin, managing director,
secure retirement trust
LOCATION: Seattle,
Washington. PLAN TYPE: 401(a). PLAN
ASSETS: $289.6mm. PARTICIPANTS: 80,000.
PARTICIPATION RATE: 100%. EMPLOYER
CONTRIBUTION: $.50/$.80/$1 per hour,
depending on experience; all contributions
100% employer-funded.
SEIU 775 Secure Retirement Plan is
a multi-employer plan that addresses
the economic challenges of home care
aides. Providing services via multiple
languages and modalities, this unique
plan automatically enrolls employees,
who participate for free. Employers
contribute for every hour worked, under
a collective bargaining agreement.
Comprehensive financial literacy education,
through various digital channels
and resources, helps SEIU workers
understand the benefit.
Government DC
<$1b Finalists
City of Anaheim
Janice Garcia, human
resources analyst II, deferred
compensation and retirement
health savings
LOCATION: Anaheim, California. PLAN TYPES:
401(a); voluntary 457(b); defined benefit.
PLAN ASSETS: $420.9mm. PARTICIPANTS: 3,325 in
457(b) plan. PARTICIPATION RATE: 84%. AVERAGE
DEFERRAL RATE: 6%.
The City of Anaheim, California,
provides a 401(a) plan and a voluntary
457(b) plan, beyond the state's California
Public Employees' Retirement System
pension plan. Eighty-five percent of
the city's workers defer to the 457(b) to
supplement their retirement savings.
Through adviser consultations and quarterly
committee meetings, the sponsor
strategizes enhancements to its retirement
offerings to meet participants'
evolving needs.
City of Dunwoody
Eric Linton, city manager
LOCATION: Dunwoody,
Georgia. PLAN TYPES: 401(a);
457(b); Social Security
replacement plan. PLAN ASSETS: $7.3mm.
PARTICIPANTS: 109. PARTICIPATION RATE: 91%.
AVERAGE DEFERRAL RATE: 9.8%. EMPLOYER
CONTRIBUTION: 11% to 457(b); 4% match of 8%
to 401(a) + Social Security replacement.
To broaden the reach of its retirement
program, the City of Dunwoody, Georgia,
last year lowered the participant eligibility
age from 21 to 18. The program offers lifetime
income options, an in-plan annuity
plus various types of investment vehicles.
The plan sponsor regularly solicits
employee feedback on ways to improve the
plan and the investment choices in order
to keep the participation rate high.
Government DC
>$1b Finalists
County of Los
Angeles
Susan Moomjean, manager,
countywide labor and
compensation services
division
LOCATION: Los Angeles, California. PLAN TYPES:
401(k); 457(b); pension savings plan; deferred
compensation and thrift. PLAN ASSETS: $22.2b.
PARTICIPANTS: 172,030. PARTICIPATION RATE:
83%, 401(k); 86%, 457(b); 96%, PSP. AVERAGE
DEFERRAL RATE: 7.3%, 401(k); 7.8%, 457(b); 6%,
PSP. EMPLOYER CONTRIBUTION: 100% of 4%,
401(k) and 457(b) for full-time employees.
Between 2019 and 2023, the County of
Los Angeles overhauled the participant
engagement, communication and education
strategies for its plans to better
reach its far-flung workforce. With
virtual group and individual sessions,
meeting attendance nearly doubled.
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PLANSPONSOR - May/June 2024

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