Spectrum Healthcare Partners 401 (k) Plan Earns National Award


April 9, 2019 01:44 PM

Portland, ME (April 2019) – The Spectrum Healthcare Partners Retirement Plan Advisory Committee is proud to announce that Spectrum Healthcare Partners has been named a recipient of PLANSPONSOR’s 2019 “Best in Class 401(k) Plan” award. The award recognizes the Spectrum Healthcare Partners 401(k) Plan as one of the top retirement plans in the nation.

Spectrum Healthcare Partners 401 (k) plan was selected as one of 34 winners from 3,495 plans throughout the country.

PLANSPONSOR is a respected print and digital magazine and a leading authority on retirement and benefits programs. Best in Class 401(k) Plan designation is given to 401(k) retirement plan sponsors that meet the highest standard of excellence as deemed by the PLANSPONSOR research and editorial teams. Plans are rated using a proprietary system that weights usage and implementation of 30 criteria related to plan design, oversight/governance and participant outcomes.

In order to be named a Best in Class 401(k) Plan, plans must:
• Show a commitment to plan success through strong oversight and governance practices
• Produce strong outcomes related to helping employees prepare for retirement, such as high participation and high deferral rates
• Go beyond just helping people save for retirement, to helping them succeed financially
• Use features that make it easier, not harder, for participants to achieve their savings goals

Some of the features that make the Spectrum Healthcare Partners Plan a Best in Class 401(k) Plan are:
• Immediate eligibility
• Auto-enrollment & auto-escalation
• Effective match of 4% & immediate match vesting
• True-up match contributions
• 97% participation rate
• High average deferral rate
• An active Retirement Plan Advisory Committee & Investment Policy Statement
• Both pre-tax & ROTH options
• Selection & quality of investment funds offered
• Profit sharing contribution

For more information on the Best in Class 401(k) Plan award, please visit: https://www.plansponsor.com/awards/2019-best-class-401k-plans.

Spectrum Healthcare Partners is New England’s largest physician owned organization that combines strong physician leadership with expertise from a multidisciplinary management team. Spectrum is comprised of over 200 board-certified physicians in Anesthesiology, Vascular and Interventional, Radiology, Radiation Oncology and Orthopaedics who have been caring for patients and communities throughout Maine and northern New England for over 20 years. Spectrum is dedicated to excellence in the diagnosis, prevention and treatment of illness, lifelong learning and supporting the communities it serves.

Julie Wheeler, Chief Human Resources Officer (left) with Laurie Skalski, Benefits & Compensation Manager (right) with the PLANSPONSOR Award