Member Survey Kicks off the NTSA Plan Sponsor Excellence Award Process

The first annual NTSA Plan Sponsor Excellence Award (PSEA) development process kicked off last month with a survey to all NTSA members. Thanks to all of you who responded so thoughtfully, and special thanks to our new volunteers. 

The NTSA PSEA continues the association’s effort to recognize the best in our industry, in the spirit of the NTSA Elite Advisor Award, the Bob D. Schiller Award, and the NTSA Richard Ford Volunteer Service Award. This new award will recognize plan sponsors that our members work with professionally in the NTSA target markets (K-12, higher education, health care, church, nonprofit, 457 and/or Taft Hartley).

The survey’s results provided a compelling look at the attributes and challenges that NTSA members associate their plan sponsor relationships. Following are highlights: 

91% of respondents work in the NTSA target markets (k-12, higher education, healthcare, church, nonprofit, 457 and/or Taft Hartley)
Most important to members: 94% consider ethical practices of all service providers as important/fairly important/very important.
Least important to members: 58% consider open access as important/fairly important/very important.
Biggest challenge for small plans: Resources/budget
Biggest challenge for large plans: Participant engagement
 
The survey results are currently being studied by the award’s judging committee, led by Kristine J. Coffey, CPC, CPFA, CRES and NTSA 2020 Immediate Past President. Each award committee member will lead a subgroup of NTSA member volunteers who graciously offered to support the PSEA development process. Michael O’Neill (Global Atlantic) and team will drive award-related communications, Toni Whaley (Paladin Advisor Group / PlanMember) leads the team developing the nomination process and David Wolfe (EFS Advisors) leads the team developing the application process.

ARA and NTSA membership will receive an email early next year that lays out the award criteria along with a questionnaire on which they can nominate an outstanding plan sponsor(s). Eligible plan sponsors work with a NTSA member financial advisor, consultant and/or a plan administrator.

The awards judging committee will review the nominations and the plan sponsor applications, which will contain quantitative information as well as qualitative responses. At the conclusion of that process, the committee will announce a group of finalists who be invited to the 2021 NTSA 403(b) Summit where the winners will be announced at the Awards Luncheon on Monday, June 28, 2021.