PlanSponsor magazine, an industry journal for retirement benefits decision-makers, has named Wellmark Blue Cross and Blue Shield to the list of companies receiving its prestigious 2020 Best in Class 401(k) plan designation. PlanSponsor evaluated plans using a proprietary system that weights usage and implementation of more than 30 criteria related to plan design, oversight/governance and participant outcomes. Wellmark was one of just 33 companies recognized among 3,000 companies reviewed. Wellmark’s 401(k) plan has a 94% participation rate, with employees deferring an average of 8.9% of their salaries 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.