2019 Best in Class 401(k) Plans | Winner
Spectrum Healthcare Partners
| Plan name | Spectrum Healthcare Partners, P.A. 401(k) Profit Sharing Plan |
| Location | South Portland, Maine |
| Asset size | $259.5MM |
| Participants | 875 |
| Industry | Health care organization (for profit) |
| Participation rate | 97% |
| Average deferral rate | 8.0% |
| # of funds offered | 18 |
| Investment review | Quarterly |
| True-up match | Yes |
| Match vesting period | Immediately upon enrollment |
| Eligibility | Immediately upon hire |
| Default deferral rate | 5% |
| Default investment | Institutional Target-date Fund (Active or Indexed) |
| Automatic escalation | Opt-out |
| Systematic withdrawals | Yes |
| Fee equalization | Yes |
| Match rate | 51%-99% on the first 6% of salary deferrals |
| % receiving full match | >90% |
| Maximum employer contribution | >10% |
| Financial education: | |
| Saving/Budgeting | Yes |
| Investing strategies | Yes |
| College saving | Yes |
| Credit/Debt management | Yes |
| Tax/Estate planning | Yes |
| Retiree health costs/savings options | Yes |
| Recordkeeper | Charles Schwab |
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