Primerica’s 401(k) Plan Earns ‘Best in Class’ Distinction for 2021

Primerica‘s Home Office 401(k) Plan – administered by Empower Retirement – has won a ‘Best in Class’ award for 2021 by PlanSponsor Magazine, a retirement industry publication for plan sponsors and advisers. This is the second time Primerica’s plan has been reviewed for the award and the second time the plan has earned this designation.

“We are truly honored to be recognized among an elite group of organizations for our 401(k) plan offerings,” said Lisa Brown, Executive Vice President and Chief Administrative Officer of Primerica. “It is important that we offer our employees opportunities to participate in a retirement plan that produces consistently strong outcomes as they plan for retirement and their overall financial health and wellness.”

With a match rate of 100 percent on the first four percent of salary deferred and 50 percent on the next two percent (maximum employer contribution is 7.75 percent), Primerica’s 401(k) plan has over $232 million in assets. It has a 93 percent participation rate among employees and 2,280 participants are signed up for the plan. That means over 75 percent of Primerica employees are receiving the company’s full match!

Attributes of PlanSponsor’s ‘Best in Class’ 401(k) plans include showing a commitment to plan success through strong oversight and governance practices; producing strong outcomes related to helping employees prepare for retirement (i.e., high participation and/or deferral rates); going beyond just helping people save for retirement to helping them succeed financially; and using features that make it easier, not harder, for participants to achieve their savings goals.

Read the article here.