PLANSPONSOR - May - June 2023 - 29

Total Retirement Offering
Finalists
Adventist Healthcare
Retirement Plans
Silver Spring, Maryland
Adventist HealthCare Retirement Plans is
a multi-employer plan that services three
distinct health-care systems with multiple
retirement plans in each. The 401a and
403(b) plans are used by all three. Each
health-care system also offers its own 457(b) nongovernmental
plan, and several of the systems also offer Employee Retirement
Income Security Act 403(b) and 401(k) plans to service their
subregions. The plan provides nine in-house certified financial
planner-certified educational representatives who offer support,
educate and provide tools and resources to help employees plan
for retirement. Over the past year-and-a-half, AHRP performed
a total plan asset allocation reset. It moved from 83% of participants
in an age-appropriate equity allocation mix in the 403(b)
and 401a plans to 95% of participants enrolled in an age-appropriate
equity allocation mix as a result.
Ray Jimenez III,
President
RoyOMartin
Alexandria, Louisiana
This 2020 Plan Sponsor of the Year finalist
in the Total Retirement Outsourcing
category has a 99% participation rate,
despite the fact that approximately 80% of
employees are hourly. The wood-products
company uses plan design and a strong
employer contribution to foster retirement
readiness. Highlights include a guaranteed 100% of 4% match
and a discretionary profit sharing contribution that has averaged
7% for the past 20 years and over 15% for the past five.
It automatically enrolls participants at 5%, lending to a 5.8%
average deferral rate, and contributes company tax savings
related to flexible spending accounts to the eligible employees'
retirement accounts; this equates to 7.65% of what the holder
sets aside in an FSA for medical needs and/or dependent care.
Stephanie Ulrich,
Benefits Accountant
Southwest Ohio ENT Specialists
Dayton, Ohio
Southwest Ohio ENT Specialists, board-certified ear, nose and
throat physicians, says it strives to offer an elite retirement plan
that helps attract and retain employees. SOENTS provides a
3% safe harbor nonelective contribution, and each year a profit
sharing contribution is reviewed that typically
gives participants another 2%. When
the 401(k) plan changed recordkeepers in
2019, fees were negotiated down and the
qualified default
investment
alternative
was enhanced by the addition of a custom
portfolio allocation service;
this
service
automatically diversifies participants'
portfolios from the funds available in the plan, periodically
rebalancing the allocation as the participant approaches retirement.
The plan sponsor also now offers a cash balance plan. To
further help participants save, the services of a certified financial
planner are offered quarterly.
Dan Young, CEO
Nonprofit DC <$300mm
Finalists
Alaska Native Tribal
Health Consortium
Anchorage, Alaska
The Alaska Native Tribal Health
Consortium is a tribal health organization
that serves Alaskan Native Americans
and American Indians living in Alaska,
via a full-service medical center, disease
research and prevention
rural-provider
provisions,
training,
rural water-and-sanitation-system
construction and more. With the help of its new recordkeeper
supplying virtual, on-site group education and financial wellness
resources, it increased participation in its 403(b) plan
by 14.4% to 86.7%, between 2021 and 2022. The employer
matches 100% of 5%, which, along with its 3% profit sharing,
gives participants a minimum 13% contribution each year. The
retirement
team is especially now targeting its unengaged,
mainly younger, employees, plus is working to raise the plan's
default deferral rate, ease vesting requirements and simplify
administration of the match.
The Baltimore
Community Foundation
Baltimore, Maryland
Not many 401(k) plans can boast 100%
participation. The Baltimore Community
Foundation, which works to inspire
donors to improve the quality of life in
the region through grantmaking, civic
Rachel Christman,
Director Total
Rewards
Kimberly O'Haro,
Human Resources
Manager
PLANSPONSOR.COM May - June 2023 29
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