PRM Consulting Group

PRM Selected to Provide Services for New 403(b) MEP

PRM Selected to Provide Services for New 403(b) MEP

PRM Consulting Group is one of six vendors that have been chosen to provide services for a newly created 403(b) multiple employer plan (MEP). The MEP will affect 14 Virginia colleges. The goal of the new plan is to reduce the schools’ administrative burdens and cut costs while helping employees prepare for retirement.

Many higher education institutions have faced increasing administration and oversight pressures related to 403(b) retirement plans due to recently passed regulations. MEPs are a means some institutions are using to help manage costs and regulatory requirements.

“PRM is excited to be involved with the formation of MEPs all across the country,” said Michael Rhim, Principal with PRM Consulting Group. “We are looking forward to working with higher education institutions in other states to assist them in gaining value by combining retirement assets to achieve more plan efficiency and lower cost.”

The 14 Virginia schools are all part of the Council of Independent Colleges in Virginia (CICV), an umbrella organization representing private, nonprofit institutions. According to VirginiaBusiness.com, a CICV committee has been working for more than five years on this 403(b) MEP. CICV expects the MEP allow many retirement plan responsibilities to be handed off to outside firms that have been vetted by CICV. At the same time, colleges participating in the plan expect it to offer employees a better selection of investment options and more guidance when it comes to retirement planning.

The MEP will cover more than 9,400 employees at the following 14 schools:


  • Appalachian College of Pharmacy
  • Averett University
  • Bridgewater College
  • Edward Via College of Osteopathic Medicine
  • Emory & Henry College
  • Ferrum College
  • Hollins University
  • Lynchburg College
  • Mary Baldwin University
  • Randolph-Macon College
  • Shenandoah University
  • Southern Virginia University
  • Sweet Briar College
  • Virginia Wesleyan University

 

They will join the MEP in phases through the middle of next year.

For the MEP project, PRM is providing consulting and management services related to requests for proposals (RFPs). Other firms providing MEP services for this project include:

  • Millennium Advisory Services: employee investment advising and education;
  • Pentegra Retirement Services: plan administration and compliance;
  • SageView Advisory Group: plan-level investment advising;
  • TIAA: recordkeeping; and
  • Troutman Sanders: legal services.

Find more information here.

Source: plansponsor.com


20-Apr-2018

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