May 16, 2018
Plansponsor / Planadvisor recently recognized Boston Medical Center (BMC) as Plan Sponsor of the Year during the Excellence in Retirement Awards on March 30, 2018, in New York City. This annual event celebrates the accomplishments of the best-of-the-best in the retirement plan industry.
The Plan Sponsor of the Year award recognizes retirement plan sponsors that show commitment to their participants’ financial health and retirement success. Boston Medical Center earned the award in the Nonprofit Defined Contribution Plan >$100MM category, and another TIAA Client, Saint Anselm College, was a finalist in the Nonprofit Defined Contribution Plan <$100MM category.
BMC has been a TIAA client since 1996. “We nominated Boston Medical Center because of their steadfast dedication to participants’ outcomes,” said Bradford Cote, TIAA relationship manager. Cote added that the plan’s new hire participation rate increased from 25% to 83% as a result of adopting auto-enrollment and auto-escalation, and its employee contribution rate increased by 8.3% over the past year.
“To ensure the success of our employees we continually focus on their overall well-being so they can be prepared for their retirement years in all aspects of their lives, including financial, medical, emotional, and social perspectives,” said Kerry Ryan, Boston Medical Center’s director of benefits and a member for TIAA’s Benefits Task Force. “We developed a retirement readiness resource guide and accompanying video that supports these critical areas and provide an action plan on the steps that employees need to take throughout their career.”
During the annual awards ceremony, TIAA also received the silver level 2017 DC Survey Standouts Award in the mega plans (with more than $1 billion in assets) category. This award is given through Plansponsor's annual Defined Contribution Survey to providers that received the highest marks when defined contribution plan sponsors answered how satisfied they are with their provider.
Boston Medical Center is profiled on Plansponsor's website and was highlighted in the April/May edition of the print publication.