City of Baltimore Wins Prestigious Plan Sponsor of the Year Award
Monday Jan 2nd, 2017
Did you know that the City of Baltimore is widely known as a leader in defined contribution retirement plans? Not only does the City have the goal of having the most retirement ready workforce of any municipality in the United States and the belief that all employees should be able to retire with dignity but the City – via the Retirement Savings Plan and Deferred Compensation Plan – has taken action to enable employees to achieve their retirement goals. Those efforts were formally recognized by the broader retirement industry when the City won the prestigious 2016 Plan Sponsor of the Year award for public defined contribution plans. The City beat out Fulton County, Georgia and countless other public jurisdictions there were nominated for the award.
The award is the culmination of several years of effort the City has put to enhance the 457(b) Deferred Compensation Plan (DCP), launch the 401(a) Retirement Savings Plan (RSP), and develop a comprehensive approach to educating and communicating with employees on the importance of planning and saving for retirement. The award is also recognition of the strong support demonstrated by the City’s leadership and the RSP Board of Trustees towards employee retirement readiness. Certainly, the award is also a testament to the importance the City’s employees place on saving for retirement.