PLANSPONSOR - February/March 2019 - 30

PLAN SPONSOR
FINALISTS
Nonprofit Defined Contribution >$250mm Finalists
Cambia Health Solutions Portland, Oregon
This past October, Cambia Health Solutions (CHS), partnering with its adviser, plan administrator and
recordkeeper, created a campaign to consolidate investment choices. The nonprofit health care company
streamlined its active and passive investment menu without eliminating any investing categories, to help
improve diversification. A transitional website demonstrated the positive benefits of the change and was
comingled with CHS' Fidelity Net Benefits website, allowing participants to conveniently make fund changes
and communicate with Fidelity representatives if need be. The average participant now saves 15% on total
investment management fees and 30% on total equity manager fees. CHS offers an employer dollar-fordollar
match up to 6%, plus an annual employer elective contribution of 0% to 5%, which, over the past
several years has averaged 4%. For the 93.4% of employees participating in the plan, the average deferral
rate is 8%. RECORDKEEPER: Fidelity Investments; ADVISER: Aon
Intermountain Power Service Corporation Delta, Utah
Intermountain Power Service Corporation (IPSC) is a not-for-profit coal power facility that produces and
transports electricity to the greater Los Angeles basin and Utah. It offers both a 401(k) plan, recordkept by
Principal Financial Group, and a defined benefit (DB) plan. Ninety-eight percent of employees participate in
the 401(k) and defer an average 10%. Those hired before July 2015 receive a match of 100% on their first
6% deferred and those hired after 2015, 50% on the first 6%. Further, health and well-being have been part
of IPSC's culture since 1988 with the inception of its Staywell program. The company offers retiree medical
benefits for employees and their dependents, and plan adviser MRP educates workers about topics such
as 401(k) basics, Social Security and Medicare in group meetings; individual off-site meetings are available
for those who miss the scheduled meetings. Last July IPSC added a lump sum provision to its DB plan.
RECORDKEEPER: Principal; ADVISER: MRP [Moreton Retirement Partners]
SRC, Inc. North Syracuse, New York
SRC, Inc., develops solutions for customers in the defense, environmental and intelligence industries.
Requiring a 5% worker contribution to its 403(b) plan as a condition of employment. A 401(a) plan is in
place for the 10% employer contribution, which ensures that contributions for each participant total at least
15%. In 2014, the company engaged Cammack Retirement Group to implement a prudent fiduciary process
by reviewing fee structures and improving the investment lineup. After this restructuring, it realized the plan
could be managed more cost-effectively. In 2017 it conducted a request for proposals (RFP) resulting in
the implementation of fee levelization and a 54% decline in administrative costs at the end of the process.
Additionally,
the company enhanced its participant educational programming and has seen employee
deferral rates rise from 7% to 8%. RECORDKEEPER: TIAA; ADVISER: Cammack Retirement Group
Mark Stimpson,
vice president, chief human
resources officer
Ellen Lewis, senior human
resources analyst; Jim Hill,
manager of support services
Jim Holland, executive
vice president, enterprise
services and solutions
Worcester Polytechnic Institute Worcester, Massachusetts
Worcester Polytechnic Institute, a private research university, has required a 5% mandatory deferral to its
403(b) plan for much of its population and provides an employer contribution of 11%. This puts its participation
rate at 100%, with most employees saving a minimum of 16% between employee and employer contributions.
Average account balances have grown more than 12% since 2015, to $198,000. Besides ensuring
its participants pay an equitable share of fees, the school implemented a policy to select the share class
for each investment option by evaluating the lowest net investment fee. In the last five years, it negotiated
a reduction of over 57% in its overall recordkeeper costs. This was partly due to an annual benchmarking
of fees and partly to a request for information (RFI) issued to existing and outside recordkeepers last year.
The RFI resulted in lower fees at each recordkeeper without any changes being required to existing arrangements.
RECORDKEEPERS: Fidelity Investments and TIAA; ADVISER: Cammack Retirement Group
Jeff Solomon,
executive vice president
and chief financial officer
30 PLANSPONSOR.com February - March 2019

http://www.plansponsordigital.com/plansponsor/february-march_2019/TrackLink.action?pageName=30&exitLink=http%3A%2F%2FPLANSPONSOR.com

PLANSPONSOR - February/March 2019

Table of Contents for the Digital Edition of PLANSPONSOR - February/March 2019