LOS ANGELES--()--Transamerica Retirement Services and its client, NGP Management LLC/Dunkin’ Donuts, were recently honored at the Plan Sponsor Council of America (PSCA) Signature Awards, earning both gold and bronze awards in the “Train the Trainer” and “Increasing Plan Participation and Savings Rates” categories, respectively.
“Financial literacy is a critical piece of the puzzle as we work to prepare more Americans for retirement”
The annual PSCA Signature Awards recognize excellence in plan sponsor and participant communication and education. These honors come after NCP Management’s retirement plan successfully increased employees' enrollment in the plan by 143 percent from the previous year.
NGP operates more than 120 Dunkin’ Donuts coffee and baked goods restaurants in New England. The majority of employees (82 percent) work in local restaurants, and do not have access to many of the 401(k) communications sent from corporate headquarters.
The primary goal of the company’s campaign was to increase participation in their 401(k) plan. Since established education methods were not working well, the store managers were charged with becoming the 401(k) plan promoters to their employees.
Together with Transamerica, “Train the Trainer” meetings were conducted in person with the NGP Management human resources department. In conjunction with the training, each store manager was given a package that included a list of eligible employees in their respective stores along with flyers and email templates, giving them all the tools to successfully meet with eligible employees to discuss the importance of retirement planning and encourage enrollment.
“Train the Trainer” programs help influencers within any organization talk to employees about participation. Transamerica Retirement Services played a key role to help NGP Management increase their enrollment with the support of education consultants. The education consultants presented an overview of the plan, the importance of retirement planning, and offered guidance on how to consult with employees and address their questions.
“Financial literacy is a critical piece of the puzzle as we work to prepare more Americans for retirement,” said Stig Nybo, president of pension sales and distribution for Transamerica Retirement Solutions. “We were thrilled to work with and support the efforts of NGP Management, who have had a clear and direct impact on the retirement readiness of their employees in New England.”
The awards were presented at the PSCA National Conference in New Orleans on Sept. 12.
About Plan Sponsor Council of America
The Plan Sponsor Council of America (PSCA), a national, non-profit association of 1,200 companies and their six million employees, advocates increased retirement security through profit sharing, 401(k), and related defined contribution programs to federal policymakers. PSCA makes practical assistance available to its members with profit sharing and 401(k) plan design, administration, investment, compliance, and communication materials. PSCA's services are tailored to meet the needs of both large and small companies with members ranging in size from Fortune 100 firms to small, entrepreneurial businesses.
About Transamerica Retirement Services
“Transamerica” or “Transamerica Retirement Services” refers to Transamerica Retirement Solutions Corporation, which is headquartered in Los Angeles, CA, designs customized retirement plan solutions to meet the unique needs of small- to mid-sized businesses. Transamerica and its affiliates service more than 17,0001 retirement plans totaling more than $20 billion1 in assets. For more information about Transamerica, please refer to www.TA-Retirement.com.
1As of December 31, 2011.