2024 Best in Class 401(k) Plans | Winner
Spectrum Healthcare Partners, P.A., 401(k) Profit Sharing Plan
| Plan name | Spectrum Healthcare Partners, P.A., 401(k) Profit Sharing Plan |
| Location | South Portland, ME |
| Asset size ($MM) | >$200 million – $500 million |
| Participants | 500 – 999 |
| Industry | Chemicals/Mining, Manufacturing - Industrial Products |
| Participation rate | 98% |
| Average deferral rate | 10% |
| # of funds offered | 20 |
| Investment review | Annually |
| True-up match | Yes |
| Match vesting period | Immediately upon enrollment |
| Eligibility | Immediately upon hire |
| Default deferral rate | 4.6 – 5% |
| Default investment | Target-date Fund (all types) |
| Automatic escalation | Exactly 1% |
| Systematic withdrawals | NR |
| Fee equalization | NR |
| Match Rate | Tiered Match - i.e., 100% of the first 4% of employee contributions and 50% of the next 2%, or similar |
| % receiving full match | All or nearly all participants (90% or more) |
| Maximum employer contribution | 6% |
| Financial Education | |
Saving/Budgeting | Yes |
Investing strategies | No |
College saving | Yes |
Credit/Debt management | Yes |
Tax/Estate planning | Yes |
Retiree health costs/savings options​ | Yes |
| Recordkeeper | Schwab Retirement Plan Services |
| Footnotes | |
| NR | Not Reported |
| Yes | yes |
| No | no |
Get the latest news daily