NWPS Wins Award for Operational Excellence
In 2017 NWPS attended the Exelon Supplier Summit in Chicago. The purpose of the summit is for Exelon to share their goals for the future and enlist their supplier ecosystem in helping them achieve those goals. The Summit was attended by over 2,000 people including all of Exelon’s major suppliers.
Following presentations from senior leadership about where the Exelon is going and how it plans to get there (the value is in the network!) we moved on to the awards presentations. NWPS was nominated for the Operational Excellence Award.
About the Operational Excellence Award: Nominated suppliers performed flawlessly in support of Exelon operations, exemplified modern management techniques, aimed to improve operating efficiencies, and delivered and promoted Exelon quality, consistency and support of Exelon’s mission.
There were numerous nominees for the Operational Excellence Award and the finalists are: Ernst & Young, Iron Mountain, Northwest Plan Services, Tek Systems, and Xerox Corporation. Many of you are familiar with all of these companies and you know that Exelon relies upon their services and expertise daily. Today, we recognize Northwest Plan Services as the recipient of Corporate Sourcing’s 2017 Operational Excellence Award.
Why Northwest Plan Services Won: What distinguished NWPS from other nominees is how NWPS dealt with the complexities and met the challenges of the 2016 conversion of more than $6.5 billion in participant balances from Exelon’s former 401(k) recordkeeper. HR noted that NWPS delivered a seamless transition and improvements to Exelon employees including the following:
- To ensure Exelon participants would have access to historical rates of return, NWPS loaded and accurately reconciled over 20 million transaction records to reconstruct individual participant rates of return.
- NWPS also improved the Exelon participant experience through the creation of an enrollment flow incorporating the principles of behavioral finance to simplify plan decisions for participants. Additionally, NWPS streamlined participant communications and messaging methodologies so employees have simplified information to make timely decisions.
- Beyond transition, NWPS continues to demonstrate excellence on every front, particularly in the areas of consultative and regulatory guidance, vendor collaboration, process improvements, and client responsiveness.
- NWPS’ plan administration has resulted in the reduction of the core cost of retirement planning by 33%, and NWPS’s educational tools and customer service are contributing to the reduction of overall call volume, as well as a 99% issue resolution rate within 5 days.
Please join me in congratulating Northwest Plan Services on being the recipient of the 2017 Operational Excellence Award presented by Exelon Corporate Sourcing.
Exelon hired NWPS to provide retirement plan services for their 401(k) and non-qualified retirement plans in late 2015. In July 2016, the Exelon plans went live on NWPS’ platform.
This award is a testament to the entire NWPS team including analysts, consultants and the call center team who has served as the voice of NWPS to Exelon participants.