Washington, D.C., Oct. 29, 2018 (GLOBE NEWSWIRE) -- Monroe County, a longtime ICMA-RC client in New York, was recently awarded a NAGDCA 2018 Leadership Recognition Award, which recognizes excellence and innovation in retirement plan design, participant education, technology, and/or effective communication methods in government defined contribution plans.
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The Monroe County Deferred Compensation Plan received the recognition following the launch of its first annual VIP Retirement Dinner in 2017 to engage high-balance retirement plan participants who retired or were no longer working for the county. After analyzing participant data for trends and opportunities to better serve participants, it was determined that a significant portion of Monroe County’s retirement plan assets were held by high-balance separated/retired participants over the age of 50. The goal of the VIP dinner was to educate participants about the benefits of the plan and examine their individual goals and retirement needs. The event contributed to a 17 percent decrease in roll-outs, a 33 percent increase in roll-ins and a plan retention rate of 96.3 percent, which represents more than a .5 percent increase from 2016.
“Our inaugural VIP Retirement Dinner in 2017 encouraged attendees to become more involved and better informed about their retirement options and it produced strong measurable results,” said Brayton Connard, Director of Human Resources for Monroe County. “We received very encouraging feedback and engagement from attendees, making it a win-win for those who were involved and we anticipate making this an annual event for the foreseeable future.”
The one-night event included a cocktail hour, formal dinner, and presentations from featured speakers. The attendees had the opportunity to interact with the Deferred Compensation Committee, Plan Investment Consultant, ICMA-RC, and the 457 Plan Education Team. One-on-one discussions focusing on the benefits of their 457 plan throughout retirement gave attendees a better understanding of their retirement needs and how to reach their goals.
“ICMA-RC applauds Monroe County’s innovative approach and the effort they made to carry out a productive event for their retirement plan participants,” said Joseph Teague, Managing Vice President, Field Sales & Relationship Management for ICMA-RC. “We were pleased to support their efforts by providing resources that helped attendees think about retirement in new ways.”
About ICMA-RC
Founded in 1972, ICMA-RC is a non-profit, independent financial services corporation with approximately $55 billion in assets under management and administration (as of September 30, 2018), focused on providing retirement plans and related services for over a million public sector participant accounts. ICMA-RC’s mission is to help public sector employees build retirement security. The organization’s mission is delivered through its RealizeRetirement® approach in which ICMA-RC representatives actively engage participants in their retirement programs, help them build their asset base, and help them realize their retirement goals through a comprehensive retirement planning strategy. For more information, visit www.icmarc.org or follow ICMA-RC on Facebook, LinkedIn, and Twitter.
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- Monroe County
Aprile Pritchet ICMA-RC 2029628067 apritchet@icmarc.org
