Multiple Employer Plans (MEPs) have been around for many years in the 401(k) space, but are now starting to show up in the 403(b) world as well. These plans allow employers who share common interests and organizational relationships to form a single retirement plan. Recently, member institutions from the Council of Independent Colleges in Virginia launched one of the first 403(b) Multiple Employer Plans for their employees. This is exciting news because it allows these schools to gain cost efficiencies, reduce administrative tasks and outsource much of their fiduciary liability, as well as offer enhanced services to their plan participants.
Millennium is proud to have been selected for the role of providing employee education, financial planning and investment advice for the 14 private colleges in Virginia who are participating in the MEP.
Building Indiana Business, New Multiple Employer Plan To Cover 12 Private Colleges And Universities
"Independent Colleges of Indiana (ICI), the state’s member association of 30 private non-profit colleges and universities, is launching one of the largest 403(b) Multiple..." full article.
Employee Benefit News, Virginia Colleges Form 403(b) Multiple Employer Plan
"While the for-profit retirement world tries to hash out how to organize multiple employer plans, a group of private not-for-profit colleges and universities in Virginia..." full article.
Plansponsor, Private Higher Education 403(b) Plan Sponsors to Join MEP
"Fourteen Virginia private colleges are planning to join a newly created multiple employer plan (MEP) with the expectation of..." full article.
Employee Benefit Adviser, Seeking Lower Fees, State Colleges Are Shifting from 403(b)s to Multiple Employer Retirement Plans
"Two statewide associations of private colleges—one in Virginia and the other in Wisconsin—are adopting..." full article.
Virginia Business, Virginia Private Colleges Adopt Innovative Retirement Plan
"Fourteen Virginia private colleges are collaborating on an innovative employee retirement plan that is believed to be the first of its kind in the nation. The schools expect..." full article.
Pensions & Investments, 14 Virginia Independent Colleges From 403(b) Multiple Employer Plan
"Council of Independent Colleges in Virginia announced Tuesday that 14 member schools have adopted..." full article.