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Gold Alexander Hamilton Award In Retirement

Lucent Technologies Inc. is the 2006 gold AHA winner in retirement.

By Staff Writer | Updated on November 01, 2006

GOLD RETIREMENT WINNER………By most measures, Lucent Technologies Inc.’s 401(k) retirement plan was a very good one: an employee participation rate of almost 90%–well above the industry norm of 66%; an array of cost-effective, professionally managed, institutional-quality investment options; and an award-winning participant education effort–”401(k) cafes”–where employees could gather and learn about Lucent’s 401(k) plan.

But for Lucent, “very good” was just not good enough. Lucent Asset Management Corporation (LAMCO) felt it could do better with the company’s $7.1 billion voluntary 401(k) plan, which LAMCO oversees along with the company’s $34 billion defined benefit (DB) plan that covers the company’s retirees. “The 401(k) plan was–and remains–an excellent one,” says Bradford Wakeman, LAMCO’s director of public market investments. “At the crux of this initiative was a conviction in continuous improvement and trying to better align the defined contribution plan to the defined benefit plan.” Adds Mark Gibbens, Lucent vice president and treasurer, “It was a matter of the team taking [the 401(k)] to the next level.”

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