More than ever, millions of Americans are relying on defined contribution plans to help ensure they can afford to retire comfortably.
As we all know, the challenges are myriad, and plan sponsors have stepped up with innovations in automatic enrollment and escalation, investment menus and strong communication programs that aim to help make the task less daunting.
Believing in the power of sharing best practices, Pensions & Investments' and the Defined Contribution Institutional Investment Association's annual Excellence and Innovation Awards seek to identify DC plan executives who are pushing ahead with well-executed, creative and unusual projects to enhance participants' retirement security. Two weeks ago, P&I and DCIIA opened the program to nominations.
Programs must have been implemented or in the works no earlier than Jan. 1, 2018.
There's no fee to participate and self-nominations are encouraged. Award winners will be recognized at P&I's West Coast Defined Contribution Conference held Nov. 3-5 in San Diego. To register for this year's program, visit pionline.com/innovationawards2019.
Last year, a state-run program to give some private-sector employees a first chance at retirement savings, a massive overhaul of a university defined contribution program and an interactive retirement-strategy quiz designed to pique the interest of high-tech engineers were among the winners. You can read more about all of the nine winners by visiting our special report at pionline.com/innovationawards2018.
Will you be among the plan executives recognized this year? We'd like to hear from you.