MICU has developed a cost-effective way for its members to administer their retirement plans through the MICU 403(b) Multiple Employer Plan (MEP).
Since the 2009 ERISA changes, 403(b) plan sponsors have been burdened with up to 50 tasks such as completing expanded Form 5500s, providing annual disclosure notices to employees, selecting investment options for the plan menu, and much more.
Higher education institutions have come under scrutiny by being sued because their retirement plans have not met the provisions under ERISA. It has been an ongoing challenge for administrators to keep up with increasing regulations and provisions.
The MICU 403(b) MEP:
Significantly reduces fiduciary risk
Alleviates administrative workload
Reduces expenses through pooling plan administrator, legal, investment advisor, and audit functions into one plan
Reduces fees for employees
Provides more individual employee financial education
Retains TIAA as administrator, a brand name in higher education
Allows the institution to control plan design (employer contribution level, eligibility, etc.)
Want to learn more about the MEP? Join us for an informational webinar on Tuesday, November 5 at 2pm. During the webinar we will review the benefits, structure, pricing, and more.
Note This webinar is for contacts at MICU member institutions within the Office of the President, Chief Financial Officer, and Human Resources.