Spokane Teachers Credit Union

FINALIST

Meghan Kidder
Vice President of Human Resources

Location:

Liberty Lake, Washington
Industry:

Financial services/Banking
Plan(s) Offered:

401(k); defined benefit 
Plan Assets:

401(k) – $150M
Number of Participants:

1,253 (total)
DC Plan Participation Rate:

98%
DC Plan Average Deferral Rate:

5%
Automatic Enrollment:

Yes
Automatic Escalation:

No
Default Deferral Rate for Auto-Enrollment:

2%
Default Investment Fund:

BlackRock LifePath target-date funds
DC Plan Employer Contribution:

100% of 5% + 5% profit-sharing
Recordkeeper:

Fidelity Investments
Plan Adviser:

Josh Ulmer, managing director, institutional consulting director, Morgan Stanley
Financial Wellness Educator(s):

Fidelity Investments

STCU enhanced its retirement plan governance by engaging an independent fiduciary advisory service to support its internal retirement savings committee and by increasing the quantity and quality of committee meetings. Along with access to the recordkeeper’s planning and guidance center, live financial workshops held several times per week, a financial wellness dashboard and a learning hub, the nonprofit offers a range of other financial benefits to encourage retirement saving. Employees may receive: tuition reimbursement; a flexible spending account; gift cards, awarded at monthly staff meetings; financial aid through STCU’s employee assistance program; adoption assistance; and $200 toward a pet adoption, etc.

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