Akin Gump Wins Plan Sponsor of the Year Award

(Washington, D.C.) – Akin Gump has been named the winner of the 2021 PLANSPONSOR Plan Sponsor of the Year award – Corporate 401(k) >$300MM–$1B category. The award recognizes retirement plan sponsors “that show a commitment to their participants’ financial health and retirement success.”

Akin Gump was singled out for its 97 percent participation rate among all employees, 9.6 percent average deferrals and commitment to financial wellness. Some of the features of the plan highlighted by PLANSPONSOR include:

  • Automatic enrollment default rate of 5 percent and automatic rate escalation up to 15 percent.
  • New hires are immediately eligible to participate, with the employer contribution vesting right away.
  • Employee access to financial wellness resources through Voya Financial, the firm’s 401(k) record-keeper; Aduro, the firm’s third party wellness platform; and Prudential Financial Inc., the firm’s life insurance provider.
  • A non-Roth after-tax contribution option, which can be used as an emergency savings tool.

Last year, Akin Gump was awarded first place in the Investment Education category of the Plan Sponsor Council of America’s 2020 Signature Awards, which recognize exemplary retirement plan education and communications. The firm was selected for its partnership with Voya Financial’s retirement program. (Click here to learn more.)

Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.

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