Dear team members:
You’ve been hearing for many months about the benefits of our merger into Ballad Health, and today I’m excited to let you know about a benefit our team members are going to feel directly.
We’ve selected our Ballad Health retirement plan provider – Lincoln Financial Group, effective July 1, 2018 – and this choice will result in a savings to our team members of more than $700,000 a year in recordkeeping and administrative fees. That means more of the money you contribute each paycheck to your retirement plan will go directly into your retirement savings, and less of it will be spent on administrative fees. This will be reflected in your quarterly statements once we make the transition on July 1.
Neither Wellmont nor Mountain States was able to obtain such favorable administrative fees alone, but together as Ballad Health, we can. We’re pleased that this synergy can directly benefit t
eam members as you save for retirement. Keep in mind, the more money you’re able invest up front, the more your investment will compound over time.
We believe our team members will be pleased with the value and service Lincoln provides. We’ll have the benefit of four Lincoln Financial advisors available onsite to serve all Ballad Health locations.
Many of you are already familiar with Lincoln Financial because it is legacy Mountain States’ retirement plan provider. In selecting our provider for Ballad Health, we carefully considered both Lincoln and legacy Wellmont’ s company, VALIC, as well as various other leading retirement plan companies. The selection of Lincoln Financial for Ballad Health was a unanimous decision by both the legacy Wellmont and legacy Mountain States retirement plan committees.
For now, there’s no need for team members to take any action. As we get closer to July 1, 2018, we’ll have more information to share regarding our transition.
Ballad Health recognizes the importance of offering a quality retirement plan. We want you to be prepared for retirement, and our partnership with Lincoln Financial will provide a great way to do that.
David Sensibaugh
VP, Human Resources
