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February 24, 2020

DES MOINES, IA – PLANSPONSOR announced it has named Wellmark Blue Cross and Blue Shield to the list of companies receiving its prestigious 2020 Best in Class 401(k) plan designation.

The PLANSPONSOR designation is reserved for 401(k) plans that meet the highest standard of excellence. Only 33 companies were recognized as having Best in Class plans among 3,000 companies reviewed. Wellmark's 401(k) plan has a 94 percent participation rate with employees deferring an average of 8.9 percent of their salary for retirement. The plan allows employees to begin contributing once they are hired and encourages retirement savings through education, annual deferral increases and competitive matching contributions.

"We are honored to be recognized by a national expert for providing best-in-class savings and retirement tools for our employees and their families," said Marci Chickering, Wellmark's Chief Human Resources Officer. "Investing in our employees through competitive benefits, like our 401(k) and pension plans, helps our employees achieve financial health and serves as a valuable tool for retaining and attracting talent."

PLANSPONSOR evaluated plans using their proprietary system that weights usage and implementation of more than 30 criteria related to plan design, oversight/governance and participant outcomes. Visit External Site to see all the companies named to the 2020 Best in Class 401(k) plan list.