SAN DIEGO -- Ritz-Carlton Hotel Co. LLC expects to switch to automatic enrollment in its 401(k) plan in January, Timothy Dugan, corporate director of benefits, said at the Profit Sharing/401(k) Council of America Idea Exchange conference.
Mr. Dugan noted the 401(k) plan is the only savings plan for the majority of Ritz-Carlton employees, and automatic enrollment is anticipated to assist the company with non-discrimination testing.
This year the Atlanta-based company enhanced the 401(k) plan by providing unlimited investment transfers, decreasing the vesting period, increasing the company match, adding one more option (bringing the total to eight), and adding an over-the-phone enrollment feature.
Wiesenberger, Argus form alliance
ROCKVILLE, Md. -- Wiesenberger has formed an alliance with the Argus Group to provide 401(k) plan sponsors with personalized, on-demand print communications to participants -- but with a twist.
Andrew Blumberg, executive vice president of Wiesenberger's retirement products division, said instead of providing printed materials that can go out of date, Argus designs the format for the printed communications and the content is provided by a library that is continually updated by the 401(k) plan's service providers.
Participants get access to the latest versions of materials related to their 401(k) plans using Wiesenberger's Internet tool, Architec(k), Mr. Blumberg explained.
Kmart wins 'best of show' in PSCA competition
Kmart Corp, Troy, Mich., won best of show and first place in the introducing plan design/administrative changes category in the Signature Awards, the defined contribution education awards presented annually by the Profit Sharing/401(k) Council of America.
Kmart's effort included a video and written materials tying in Kmart merchandise with messages encouraging the company's mainly female and part-time work force to participate in its 401(k) plan.
The campaign resulted in an increase to 84% in participation rates, up from 73%. Prudential Investment Retirement Services was the service provider for the campaign.
Other first-place winners included Lorillard Tobacco Co., Greensboro, N.C., which won for complete campaign; Leo Burnett Co. Inc., Chicago, which won in asset allocation; and Costco Wholesale, Seattle, increasing participation. T. Rowe Price was the service provider for all three.
Delaware offers funds for supplemental plans
PHILADELPHIA -- Delaware Investments' Retirement Financial Services launched ExecutiveSolutions, a group of variable universal life funds targeting small and midsized retirement plan sponsors that want to offer key executives a supplemental retirement plan.
ExecutiveSolutions will target companies with executives who have reached the limit for contributing to 401(k) plans.
The program is modeled after supplemental retirement plans offered by many large corporations.