Symbiosis

Alison Cooke Mintzer (photo by Chris Ramirez)

As I write this column, we are in final preparations for the 2018 PLANSPONSOR/PLANADVISER Excellence in Retirement Awards ceremony. This annual event is one of the ways in which we thank so many in the industry for their dedication to solving the challenges of saving for retirement. Our award programs across both PLANSPONSOR and PLANADVISER showcase an amazing group of retirement plan sponsors, plan advisers and providers that do marvelous things each day. In different ways, in fulfilling their fiduciary duties and then some, they encourage American workers to set, pursue and reach their unique retirement goals.

In preparing for this year’s event, one thing that I found exceptionally interesting was that so many award recipients were connected to one another. For example, we had PLANSPONSOR Plan Sponsor of the Year finalists and winners being advised by PLANSPONSOR Retirement Plan Adviser of the Year finalists and winners—past and present—and PLANADVISER Top 100 Advisers. And, of course, many of the recordkeepers in attendance were those supporting the retirement plans recognized as PLANSPONSOR Best in Class 401(k) Plans or Plan Sponsors of the Year. It was validating to see the symbiotic relationships across the industry—and to know there were so many Americans benefiting as a result.

Crafting a retirement plan is an art, not a science. As shown by the wide array of those recognized in our award programs—and in our editorial coverage—there is no single “right” way to design a retirement plan. Sure, there are best practices that are generally recognized over other practices. And generosity from an employer—in matching or discretionary contributions—can go a long way in helping employees amass retirement savings. But the approaches we recognized this year make it clear that the right approach and careful design decisions can enable success, even without the need for significant company contributions.

In addition, seeing the symbiotic relationships between the award recipients assures me that there is an amazing network of retirement plan professionals, programs and companies that have spurred real innovation. They have led the effort to develop more efficient plan designs and administration, helped to grow assets and, ultimately, delivered improved participant outcomes.

While I encourage all of you reading to think about those recognized by our award programs over the years—and to put yourself forward for consideration in the future—I also realize that simply by giving us your attention you’re doing your part in helping Americans. I know that, for you to be reading a publication called PLANADVISER, you take your role as a retirement plan adviser seriously—I appreciate that. After all, the retirement of many Americans is counting on you.

As an industry, we may have escaped major changes to the employer-sponsored retirement plan system in the most recent tax reform bill, but that doesn’t mean the industry is safe. It remains under constant scrutiny—as well as pressure to provide a secure retirement for all American workers. So, I thank those across the industry that dedicate themselves to improving retirement readiness. For those at our dinner, and for those reading this now, I hope your passion to provide those secure retirements will only grow stronger.