Boeing’s Voluntary Investment Plan (VIP) recently received the “Best in Class” 401(k) Plan award from PLANSPONSOR magazine.
PLANSPONSOR’s research and editorial teams analyzed over 3,000 plans and rated them using a proprietary system with 35 criteria related to plan design, governance and participant outcomes. There are 26 recognized plans this year.
Examples of evaluation criteria included employee participation and average employee contribution rate, level of employer contributions and vesting requirements. Results that set Boeing’s VIP apart from other plans include 94 percent employee participation, an average employee contribution rate of 12 percent, immediate vesting, and the combination of generous company-matching and VIP+ contributions that Boeing provides to most employees.
Numeric scores are assigned to each attribute, with higher scores given for use of features that were viewed as having greater correlation with improved participant/plan outcomes. Plans needed to achieve a total score of more than 90 points, on a 100-point scale to receive the Best in Class designation.
By Victoria Wiedel