Tacoma WA, May 21, 2013 (GLOBE NEWSWIRE) -- It was with great pleasure that Spectrum Pension Consultants, Inc., an Alliance Benefit Group (ABG) member firm, recently submitted a proposal to King County to provide Third Party Administration services for the County's Deferred Compensation Plan.
After preparing for and conducting the proposal project management tasks, Spectrum spent a great deal of time debriefing and analyzing how to make the transition work exceptionally well for King County. Recognizing the magnitude of decision being made, Spectrum took the opportunity to directly address our size and our ability to scale. As one of the leading firms in the pension management industry with respect to ratio of qualifications to consulting staff, Spectrum feels fully equipped to provide the services necessary for transition and ongoing management of King County's Plan. Though a small team, Spectrum boasts 9 Certified Pension Consultants (CPC), 12 Qualified 401(k) Administrators (QKA), 10 Qualified Pension Administrators (QPA), 1 Accredited Investment Fiduciary, 1 Qualified Plan Financial Consultant (QPFC), and 1 Enrolled Actuary. Spectrum's organization and structure is similar to that seen in management consulting firms.
As a member of Alliance Benefit Group (ABG), a 14 firm consortium ranked as 8th on the list of Top Ten National Recordkeeping Firms, Spectrum is well positioned for the task ahead with King County. The consortium provides services to over 13,700 Plan Sponsor Clients, more than 1,000,000 Participants, and administers north of $51,000,000,000 in plan assets. Spectrum is the first west coast ABG affiliate, and the only firm west of Utah to be part of this consortium.
Introduced by Spectrum's CEO from his prior experience at Intel Corporation, Spectrum's operation is modeled after the Lean Six Sigma Operations Strategy. This affords us the ability to scale 10-fold on our current model. Our connections in the industry allow us the confidence to anticipate change and add experienced consultants relatively quickly.
"This is a tremendous opportunity for Spectrum" said CEO Petros Koumantaros. "We are delighted to have this opportunity with King County as we believe our depth and scalability will be evident through our proposal". Yannis Koumantaros, who is responsible for the Spectrum's Business Development, has said that "As a boutique firm, Spectrum approach is more typical of Main Street than Wall Street. It would therefore be a pleasure to have the opportunity to work with an organization that we believe shares similar guiding principles of excellent service, accountability and innovation".
While Spectrum may not be the easy choice for King County we are hopeful that we are the best fit, right now, and in future years so as to meet their evolving business needs. Spectrum's belief is that the operational model of yesterday's functionalized Recordkeeper cannot sustain a growth rate in line with Stakeholder expectations in a climate of compressed fees, service standard demands, and an arms race of technology innovation and automation. Unlike other firms, Spectrum does not sell investment products for a commission. Instead, we are a fee for service consulting, recordkeeping, and administration service provider. Our process allows 100% revenue sharing recaptured and rebated back to participant accounts as a dividend.
About King County
Located on Puget Sound in Washington State, and covering 2,134 square miles, King County is nearly twice as large as the average county in the United States. With more than 1.9 million people, it also ranks as the 14th most populous county in the nation. It is a diverse and dynamic community with a healthy economy and environment where all people and businesses have the opportunity to thrive. The County's mission is to provide fiscally responsible, quality-driven local and regional services for healthy, safe, and vibrant communities.
About Spectrum
Spectrum is a leading service provider to employers sponsoring various retirement, deferred compensation and other employee benefit programs in the western United States. Spectrum's services are tailored to the specific needs of each individual client and include: consulting and advice; plan management and administration; and employee communication and education services. Additional information about Spectrum is available at the company's web site: www.spectrumpension.com.