The Los Angeles Unified School District has won the annual Art Caple President’s Award for Excellence from the National Association of Government Defined Contribution Administrators.
The award to the school district and its record keeper, Voya Financial, was announced at the association’s annual conference, held Sept. 15-18, in Phoenix, according to a Sept. 24 NAGDCA news release.
The award is named for the late Mr. Caple, a former NAGDCA president who was "a visionary and voice for those who serve others through employer-sponsored retirement plans and championed retirement programs that build financial security for state and local government employees throughout their retirement," the news release said.
The school district was honored for its deferred compensation plan, launched in 2006, whose assets now exceed $500 million for more than 11,000 active participants.
“These results were accomplished by simplifying investment options, including automatic enrollment and a Roth 457(b) option, and reducing fees from more than 1% to just 0.18%,” the news release said.
“Financial outreach initiatives, which include personalized messaging and educational campaigns delivered to thousands of employees, heighten financial literacy and boost retirement readiness,” according to the news release.
The school district’s “unwavering commitment to participant outcomes, innovation, and excellence in deferred compensation administration exemplifies the spirit of strategic foresight and dedication this award recognizes, and serves as an inspiration for other public sector plans,” NAGDCA Executive Director Matt Petersen said in the news release.
NAGDCA also announced its annual Members’ Choice Award for the Maryland Teachers & State Employees Supplemental Retirement Plans, Baltimore with total assets of $5.6 billion.
The award recognized the “Catch the Match” program, in which participants received a dollar-for-dollar match of up to $600 “combined with targeted outreach, including webinars, email campaigns, and in-person workshops,” the website said.
