SRNS Retirement Plans and Financial Education Initiatives Win Awards
Tuesday, April 23rd, 2024
Savannah River Nuclear Solutions (SRNS) recently received the Pensions & Investments (P&I) 2024 Eddy Award and PLANSPONSOR’s 2024 Best in Class 401(k)
Plans recognition.
For 25 years, the P&I Eddy Award has identified and rewarded best practices in providing investment
education to Defined Contribution Plan participants. SRNS, in partnership with Transamerica, placed
second for investment education in the Defined Contribution Plan.
“The Defined Contribution Plan is a multi-employer retirement plan qualified by the Internal Revenue
Service,” said Cary Holbert, SRNS Benefits Manager and Committee Chairman. “We make it our mission to educate employees on this convenient and tax-effective opportunity that builds financial savings -- now and in the future.”
In 2017, Transamerica began providing record keeping services for the SRNS Defined Contribution Plan.
The Savings and Pension Administrative Committee is responsible for oversight of the plan. The
committee is composed of eight representatives – five from SRNS, one from Battelle Savannah River
Alliance and two from Savannah River Mission Completion.
“In 2023, under the direction of the SRNS Benefits department, and on behalf of the committee, the
Financial Wellness Programs reached over 2,680 employees through financial outreach initiatives,” said
Holbert. “This was a 100% increase from the previous year. We will continue to focus on employee’s
long-term retirement health to ensure they are on track with industry standards and positioned to
accumulate a healthy retirement account balance.”
To better educate employees, SRNS launched the “Plant the Seeds to Grow Your Retirement” campaign
to enhance retirement planning engagement using Transamerica’s OnTrack® retirement forecast tool.
“The campaign achieved notable success,” said Christopher Horton, SRNS Retirement Services
Manager.
“We targeted employees at each stage of their retirement journey, which created significant
improvements in employees' retirement outlooks.”
SRNS was also a recipient of PLANSPONSOR’s Best in Class 401(k) Plans for exceptional best
practices in the Defined Contribution Plan. Four plans were selected out of 1,764 applicants.
“Our 401(k) plans continue to exceed the established benchmark,” said Danielle Harris, SRNS
Retirement Services Analyst. “In 2023, 92% of employees participated in our plan, generating a balance
that is 29% above benchmark. Our team does a fantastic job in utilizing various internal and external
channels to support our employees’ financial wellness for a brighter future.”
Defined Contribution Plans were rated on participant enrollment and engagement; design features such
as participant education, financial wellness programs and plan governance variables.
The SRNS Benefits department hosts on-site group meetings and webinars that educate employees on
saving strategies, budgeting, investing, college savings, estate planning and more. Future plans include
the expansion of the current savings and investment portfolio to give employees greater flexibility and
earnings.
Savannah River Nuclear Solutions, a Fluor and HII partnership company, is responsible for the
management and operations of the Department of Energy’s Savannah River Site, located near Aiken,
South Carolina.