PLANSPONSOR - May/June 2024 - 33

Avangrid is a sustainable energy company
that takes pride in attracting, retaining
and empowering its employees through
diverse benefits and resources to help
optimize their financial outcomes. It
added a student loan debt repayment
program to address the firm's nonunion
participants' student loan debt burden.
As of February 12, Avangrid has repaid
$1.5mm of that debt.
Community Health
Systems, Inc.
James Carmody, vice
president human resources
LOCATION: Franklin,
Tennessee. PLAN TYPE: 401(k). PLAN ASSETS:
$4.4b. PARTICIPANTS: 83,469. PARTICIPATION
RATE: 85.3%. AVERAGE DEFERRAL RATE: 8.3%.
EMPLOYER CONTRIBUTION: for most employees,
50% of 6%, capped.
Community Health Systems, a provider
of health-care delivery systems, collaborated
with its recordkeeper to review
plan metrics and participants behavior.
The result: a three-part plan to address
employees' top concerns regarding pay
and benefits, including retirement benefits.
Last year, CHS established a student
loan repayment program, increased
matching contributions and added an
advice option to provide saving, investing
and account drawdown help.
Delta Air Lines
Josh Jessup, general manager
global retirement and
financial wellness
LOCATION: Atlanta, Georgia.
PLAN TYPE: 401(k). PLAN ASSETS: $15.5b.
PARTICIPANTS: 87,500. PARTICIPATION RATE:
93.6%. AVERAGE DEFERRAL RATE: 8.8%. EMPLOYER
CONTRIBUTION: 100% of up to 6% + 3%
nonelective.
Delta Air Lines in 2023 focused on
fostering a saving culture among its
employees by combining engagement
and emergency savings initiatives.
Employee feedback revealed challenges
in balancing short-term finances with
long-term goals such as becoming retirement
ready. So Delta introduced an emergency
savings program, aiming to ease
the financial stress affecting employees'
mental health, productivity, absenteeism,
turnover rate and retirement planning.
Lumen
Technologies
Frances Brown, director,
retirement and policy
LOCATION: Monroe,
Louisiana. PLAN TYPE: 401(k). PLAN ASSETS: $7b.
PARTICIPANTS: 40,458. PARTICIPATION RATE:
93.8%. AVERAGE DEFERRAL RATE: 8.9%. EMPLOYER
CONTRIBUTION: 100% of 4% with employee
contributing 6% (for nonunion employees).
In 2023, Lumen Technologies, a
telecom company, focused on engaging
employees yet to enroll in the 401(k) and
those not contributing enough for the
full company match. It ran special events
such as a financial literacy month and a
financial fitness week, resulting in 37%
enrollment among eligible non-participants.
Further, 238 employees became
participants with the help of a SmartPath
coach, with an average 7% deferral rate,
while 65 enrolled independently.
Total Retirement
Offering Finalists
North Carolina
State Employees'
Credit Union
Timothy Byrd, vice president
retirement benefits and education
LOCATION: Raleigh, North Carolina. PLAN
TYPES: 401(k); 457(b). PLAN ASSETS: $1.3b,
401(k); $8mm, 457(b). PARTICIPANTS: 10,002.
PARTICIPATION RATE: 98%. AVERAGE DEFERRAL
RATE: 8.8%. EMPLOYER CONTRIBUTION: 200%
of up to 5%, 401(k) + 5% or more receives
maximum 10% match.
North Carolina State Employees
Credit Union, a financial institution,
offers a range of financial and retirement
advisory services free to its employees.
Other resources include a financial wellness
program, live 401(k) presentations
for new employees and quarterly retirement
readiness seminars to review the
many benefits available for retirees. Its
recordkeeper, Fidelity Investments, says
the plan is a top performer in participation,
engagement, savings rate and ageappropriate
asset allocation.
OneAZ Credit
Union
Mike Boden, chief financial
officer
LOCATION: Phoenix,
Arizona. PLAN TYPES: 401(k); defined benefit;
two nonqualified. PLAN ASSETS: $47.5mm.
PARTICIPANTS: 505. PARTICIPATION RATE:
99.4%. AVERAGE DEFERRAL RATE: 8.8%.
EMPLOYER CONTRIBUTION: 100% of up to 5%
+ discretionary contribution for former DB
participants.
OneAZ, a member-owned financial
institution, supports its associates'
financial health with nontraditional
benefits such as student loan repayment,
educational reimbursement,
fitness reimbursement, a match on day
care expenses, quarterly wellness awards
for healthy habits, and a provision for
selling vacation time at 100% value. Last
year, it terminated its defined benefit
plan with 74 participants, able to ensure
that all received what they were due.
Principal Financial
Group
Lisa Coulson, vice president
of human resources
LOCATION: Des Moines,
Iowa. PLAN TYPES: 401(k); defined benefit;
nonqualified deferred compensation and
nonqualified DB. PLAN ASSETS: $4.1b, 401(k);
$2.9b, pension plan; $800mm, NQDC/
DB. PARTICIPANTS: 17,557. PARTICIPATION
RATE: 96.3%. AVERAGE DEFERRAL RATE: 10.9%.
EMPLOYER CONTRIBUTION: 75% of first 8%.
Principal Financial Group, a global
financial investment management and
insurance company, provides a 401(k); a
cash balance plan that Principal funds,
with annual credits ranging from 3%
through 10.5% of earnings; and, for
select employees, defined benefit and
nonqualified defined contribution
plans. Its internal total rewards dashboard
attaches a dollar value to each of
an employee's retirement, compensation
and other benefits, revealing any piece
that needs maximization. -PS
PLANSPONSOR.COM May - June 2024 33
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PLANSPONSOR - May/June 2024

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