FOR IMMEDIATE RELEASE – September 12, 2019
LEXINGTON, KY — The National Association of Government Defined Contribution Administrators, Inc. (NAGDCA) yesterday announced New York State Deferred Compensation Plan as the recipient of its 2019 NAGDCA-Art Caple President’s Award. The award was founded in 2019 to commemorate the lifework of past NAGDCA president, Art Caple. Mr. Caple was a visionary and voice for those who serve others through employer-sponsored retirement plans and championed retirement programs that continue today to build financial security for state and local government employees throughout their retirement. The President’s Award is presented annually at the NAGDCA Annual Conference to a public sector retirement plan that has championed the participant-first mentality that Mr. Caple demonstrated in his work building financial security for public employees.
The New York State Deferred Compensation Plan (“the Plan”) is a state-sponsored voluntary retirement savings plan that is offered to State employees and more than 1,900 local government jurisdictions (“employers”) that have adopted the Plan. Its mission is to help state and local public employees achieve their retirement savings goals by providing high quality, cost effective investment products, investment educational programs and related services.
NAGDCA awards the Plan for its Online Enrollment Solution Launch campaign. The online enrollment solution was implemented in September 2018 and has continued to drive results for the Plan in 2019. The solution was developed in partnership with Nationwide to deliver a positive employee experience through structuring a system that allows employees to locate their employer entity with ease and delivering an online experience that is mobile optimized for convenience.
The campaign results surpassed goals, bringing in 239 online enrollments in the first two weeks of launch. In addition, Plan employers communicated how easy and convenient the experience was for employees to enroll, in appreciation of the print-to-digital capabilities with the QR code promotions and mobile optimization. Prior to the launch of online enrollment, there were more than 232,000 participants in the Plan with $20 billion in assets. Today, there are almost 240,000 participants in the Plan with more than $24 billion in assets. Results specific to the online enrollment solution include the Plan receiving 2,337 enrollments the first full month of the launch, a 78% increase over the 1,312 enrollments received the same month the prior year, indicating that the Online Enrollment and mobile solution is driving new interest in and access to the Plan. For the first full quarter average, enrollments were up nearly 20% over the prior year.
For more details about the award and winning campaign, please visit: https://www.nagdca.org/about/nagdca-awards/art-caple-presidents-award/. The 2019 NAGDCA-Art Caple President’s Award was presented to New York State Deferred Compensation Plan and its industry partner, Nationwide, during NAGDCA’s annual conference, on Wednesday, September 11 in New Orleans, LA.