In partnership with plan sponsor clients, Transamerica has been recognized for achieving industry best practices in 2022 by winning four awards from the Plan Sponsor Council of America (PSCA). PSCA's annual Signature Awards competition is designed to honor excellence in plan communication and financial education.
PSCA’s Signature Awards recognize exemplary retirement plan education and communications, emphasizing creativity, unique themes, and tangible outcomes. These workplace communication programs continue to be an essential educational tool for plan sponsors seeking to help workers maximize plan benefits and save for retirement, particularly during the COVID-19 pandemic.
Emphasizing Diversity and Inclusion - 1st Place
For Danone North America, a leading multi-local food and beverage company, Transamerica supported the transition of merging their Earth Island 401(k) Rate Group Profit Sharing Plan into the Danone U.S. 401(k) Plan. The goal was to create a campaign to clearly communicate the upcoming changes to Earth Island participants. In addition, it was essential to convey the message of becoming better prepared for retirement and ensure this messaging would be available to employees whose primary language is English or Spanish in print and digital format. As a result, we succeeded in our goal to engage both the English- and Spanish-speaking participants of the Earth Island plan and improve their retirement readiness.
Financial Wellness - 2nd Place
Northwell Health is committed to supporting its team members’ financial, physical, and emotional well-being. This commitment includes understanding how a person’s health and wellness can impact their long-term financial goals. As a result, Northwell Health partnered with Transamerica on several plan participant communications aimed at helping employees secure their financial future, including:
- A customized retirement plan website that provides access to a suite of bilingual educational content to improve participants’ financial literacy,
- Dedicated Transamerica retirement planning consultants, along with an interactive tool that measures team members’ retirement readiness, and
- Personalized education and guidance to help answer participants’ questions from enrollment through retirement and all stages in between.
As a result, since its inception, the plan experienced a 104% increase in interactions with Transamerica’s Retirement Plan Consultants and a 49% increase in resulting actions from participants.
Overcoming Obstacles - 3rd Place
For Danone North America, a leading multi-local food and beverage company, Transamerica collaborated to develop a campaign directed to employees who received a true-up contribution. The communication initially explained the additional company match due to contributions made by employees unevenly throughout the year. In addition, the campaign took advantage of the opportunity to remind employees of the importance of beneficiary designation, with instructions included. The campaign proved successful and caused many to take positive action and update their beneficiaries.
Plan Changes - 3rd Place
One of the world’s most iconic and respected global brands sought to create additional savings opportunities for participants. The purpose of the communications and education plan was to encourage employee action on several savings enhancements being made to the 401(k) plan, including the addition of a Roth option. The communications and education campaign spanned over multiple months and reached employees through multiple channels including print (postcards & poster), email, a one-stop landing page with flyers, a video, personas, and opportunities to attend a webinar and/or schedule a one-on-one appointment. As a result, the one-stop landing page was viewed by 43% of those who were targeted and 80% of those who registered for a webinar attended. Transamerica’s retirement planning consultants met with more than 200 employees one-on-one. This campaign contributed to significant employee action. Almost 8% of employees enrolled in Roth 401(k) since the January 1, 2022 effective date with an average deferral rate of 7.6%. In addition, over 16% of employees increased their overall savings rate.