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Innovator Awards: Recognizing trailblazing DC plan initiatives
November 12, 2012
The five Innovator Award recipients ranged from those creating programs that sound like case studies of the awards' purpose — to drive successful outcomes for plan participants — to those proving that innovation is found in context as well as in content.
About 50 defined contribution plan executives were nominated for Innovator Awards in this inaugural year. The entire process — from nomination through judging — was online.
Profiles of the winners
Created custom target-date funds with more than the usual investment choices.
Worked hard to convince execs to start a retirement income option.
Embarked on a gutsy program to ensure retirees get 90% of income.
Used technology to raise worker awareness on retirement.
Made retirement education a top priority for participants.
Web Extra: Videos
Barbara Kontje, director of global retirement and smart saving for American Express' 401(k) plan, talks about her team's decision to produce as much virtual education as possible for the 5,000 employees who work off-site.
Carol Cypert and her team at the City and County of San Francisco Employees Retirement System's deferred compensation program decided to use custom target-date funds that include alternatives.
The key to achieving an innovative lifetime income option is not only educating participants but also educating key stakeholders, says Kevin Hanney, director of non-U.S. pensions and savings plans at United Technologies Corp.
Dan Holupchinski felt strongly about changing the design of Deluxe Corp.'s 401(k) plan so participants would have 90% of their income at retirement.