AIKEN, S.C. – (April 15, 2019) – The managing and operating contractor at the U.S. Department of Energy’s Savannah River Site, Savannah River Nuclear Solutions (SRNS), was recently recognized as a recipient of PLANSPONSOR’s Best in Class 401(k) Plans. In addition, SRNS was awarded 1st Place EDDY Winner for Conversion of the Defined Contribution SIP 401(k) Plan by the International Magazine of Money Management, Pensions and Investments.
In August 2017, SRNS transferred their Defined Contribution Plan to Transamerica Retirement Solutions. Through this transition SRNS was able to provide broader financial wellness seminars and the organization’s participation in the defined contribution plan increased seven percent to 96 percent after the transition.
According to SRNS Retirement Services Manager Rebecca Ward, SRNS began preparations for the conversion of their 401(k) Plan from Mercer to TransAmerica Retirement Solutions in 2016. “TransAmerica bought Mercer’s book of business for defined contribution plans which initiated the change to TransAmerica for 401(k) record keeping. It was going to be a lot of change, so we thought we might as well add features and create improvements to the plan. It was very well received, and the conversion to the new recordkeeper TransAmerica went smoothly. We now have over 9,500 participants,” she said.
Pensions & Investments magazine recognized the 2019 EDDY Awards recipients on March 11 in an awards ceremony at the Pensions & Investments Defined Contribution Conference held in Fort Lauderdale, Fla. This award program recognized best practices in offering investment and financial education to defined contribution plan participants. SRNS was recognized for the thoroughness of their transition communications including mail, email, a website, an internal newsletter, a dedicated phone line and in-person conversations.
On March 23, PLANSPONSOR hosted a celebration to honor best in class companies providing a secure retirement for the American workforce. They recognized SRNS along with 33 other organizations demonstrating excellence in plan design, oversight/governance, and participant outcomes of their 401(k) Plans.