Pensions & Investments and the Defined Contribution Institutional Investment Association are launching a new award for defined contribution plans and their executives: The Innovators Awards.
The goal is to recognize plan officials who “stuck out their necks and did something bold, something that would help plan participants have an adequate income at retirement,” said Nancy K. Webman, P&I's editor. “We expect only a handful of DC plans will be selected.”
Winners will be honored at P&I's West Coast Defined Contribution Conference, to be held Nov. 4-6 at the Palace Hotel in San Francisco.
Nominations will be accepted from people inside or outside the organization. If the nominator is not from the plan being entered, officials from that plan will be asked to review and approve the application.
The innovation must have been implemented on Jan. 1, 2011, or later. Entries are due June 1.
Entries will be judged by a panel largely made up of plan executives but also including consultants and attorneys.
The innovative projects may cover any facet of defined contribution plans, including, but not limited to, plan design, investments, enrollment or re-enrollment, education and communication.
The entry form is available online at www. pionline.com/innovators. Questions on the form are open-ended, designed to give nominees the freedom to explain their projects in detail and in any way they choose.