Shenandoah Shared Hospital Services
"Folks have long memories—they'll remember how you treat them during times of stress. Even though in the short run we may spend more on benefits, in the long run it will pay off for us."
– Jeff Walker, CEO, Shenandoah Shared Hospital Services
Company Facts
- Location: Harrisonburg, Va.
- Type of business: Healthcare and social assistance organization
- Number of employees: 90
- Founded: 1981
- Web site: None
Benefit highlights
- 90% - 100% employer-paid medical insurance premiums for employees
- 80% - 95% employer-paid medical insurance premiums for dependents
- 403(b) plan with an employer match of 50% up to 6% of pay deferred, plus a tiered non-matching contribution based on years of service; average employee deferral of 7% percent
- 100% employer-paid premiums for life insurance and short- and long-term disability insurance
Percent of employees participating in 403(b) plan: 93%
How they've continued to protect the financial security of employees in this economy: Shenandoah Shared Hospital Services is committed to maintaining their full package of benefits. To do that, the organization relies on its brokers to help keep rates down. "If we get increases, we go back to our brokers and tell them, ‘This isn't going to work.' They help us get some leverage, especially since we're a smaller employer," said Deborah Raynes, Director of Corporate Services at Shenandoah Shared Hospital Services.
Other interesting facts:
- Recently increased frequency of employees' one-on-one meetings with an independent financial advisor from once per year to three times per year
- Added longevity-based non-matching contribution to 403(b) plan to recognize and retain longer term employees
- Offers employees both a health savings account (HSA) and flexible spending account (FSA)
Why Judges Selected Shenandoah Shared Hospital Services
Watch a video of comments from 10 Best judges Angelo Nardi and Nevin E. Adams.
Read the transcript
"One of the reasons judges selected Shenandoah is because of recent changes to their employee benefit programs. Those changes included an increasing match to their retirement program, long term care offerings and other significant changes."
— Angelo M. Nardi, CEBS, Executive Vice President, Gallagher Benefits Services, Inc.
"There are several things that helped them stand out this year. First and foremost perhaps is that they have a generous match and that's very important these days. It's a match they have increased. You know in these tough times, increasing the company match; that's always a good thing. Additionally, Shenandoah has stepped in and paid some fees for their 403(b) program. That's another commitment. Every dollar that the company pays obviously is one less out of the employee's pocket and therefore that's another way to sort of build them up for their long-term financial security.
They are now offering long-term care. Anybody who's ever been through that kind of situation or has known a friend that's gone through that can be a huge obligation. Something that people really don't plan for the way they should. So being able to offer that as a benefit I would say now that's really important. Also they are offering a specific wellness reimbursement program."
— Nevin E. Adams, 10 Best judge and editor-in-chief, PLANSPONSOR Magazine, PLANSPONSOR.com, PLANADVISER Magazine
