#United States #TIAA #CAPTRUST #Spokane #Gonzaga University

Gonzaga University Wins Major Retirement Award

Gonzaga University has recently been recognized as the 2025 Plan Sponsor of the Year by PLANSPONSOR, highlighting its dedication to enhancing retirement security for its employees. With over 2,700 staff members, Gonzaga has made substantial strides in retirement plan innovation, particularly under the guidance of Lisa Schwartzenburg, Vice President of Human Resources Operations.

The prestigious award is bestowed upon organizations demonstrating exceptional leadership and delivering measurable improvements in retirement outcomes for their employees. Announced during the 2025 PLANSPONSOR National Conference on June 4, this honor reflects Gonzaga's commitment to the financial well-being of its workforce, especially within the nonprofit defined contribution category for organizations managing over $200 million in assets.

Key Changes and Innovations

In collaboration with TIAA and CAPTRUST, Gonzaga implemented significant changes in its retirement plan to boost engagement amongst its workforce. The university rolled out the TIAA RetirePlus program, which features a tailored target-date fund series designed to meet the specific needs of its employees. A primary focus of the initiative was to ensure that more employees benefited from guaranteed lifetime income options through TIAA Traditional, a fixed annuity product that is one of TIAA's flagship offerings.

The transformation included a full plan reenrollment process, complemented by a comprehensive outreach program and an extensive employee education campaign. These efforts were aimed at informing staff about the improvements and encouraging participation in the enhanced retirement offerings.

Impressive Results

Since the initiation of these changes in February 2024, the results have been striking:

• - 21% Increase in Retirement Readiness: A proprietary TIAA metric showed a significant boost in how effectively participants utilized their retirement plan benefits.
• - 94% Participation in Guaranteed Lifetime Income: The percentage of employees opting to safeguard their retirement with contributions to TIAA Traditional skyrocketed from 24% to an impressive 94%.
• - 81% Reduction in Missing Beneficiary Information: This indicates that more employees are engaging with their plans and ensuring proper documentation.
• - A 90% Opt-In Rate: The new default investment lineup saw a remarkable adoption without any complaints filed regarding the transition from Gonzaga's HR team.

Acknowledgment of Leadership and Commitment

Expressing gratitude for the recognition, Lisa Schwartzenburg says, "This award exemplifies Gonzaga's mission-driven dedication to the overall well-being of our workforce. Supporting our employees in building a secure retirement is one of the most impactful ways we contribute to their success both professionally and personally. I am particularly thankful to our HR team, the Retirement Committee, and our partners at TIAA and CAPTRUST for actualizing this vision."

Jim Mullery, the Head of Institutional Relationship Management at TIAA, praised Lisa’s leadership for being transformative and emphasized the importance of ensuring employees have access to lifetime income.

Conclusion

Gonzaga University's award from PLANSPONSOR not only celebrates the university's current achievements but also underscores the potential for positive change in workplace retirement plans. The recognition serves as a testament to the effectiveness of thoughtful design, robust communication, and collaborative partnerships in promoting employees' financial futures and securing their retirement ambitions. This milestone illustrates how universities can effectively advocate for their employees' long-term financial health amidst evolving workplace challenges and opportunities.