A MEP is a single retirement plan with multiple adopting employers. A group of employers merge their retirement plans into a single plan. This creates a larger pool of assets, unlocking options for participants that lower management costs and expand investment options reserved typically for participants in larger retirement plans. A MEP also creates efficiencies and economies of scale that provide more efficient pricing with 403(b) service providers, reduce retirement plan administrative tasks, and outsource many fiduciary responsibilities.
Advantages for Institutions:
One form 5500 and one plan audit
Pooled assets, administration, and governance
Risk reduction and compliance with ERISA
Benefits for Participants:
Expanded investment options
Savings on management fees
Additional services on financial management
Better retirement planning and preparation
BoardBook Paperless Meeting Preparation Software
BoardBook is a meeting preparation tool accessed through your Web browser that streamlines the compiling, distributing, and publishing of board packets. One of the biggest advantages of using BoardBook is the reduction in the time and expenses related to meeting preparation. The other is its flexibility. Designed for both online and offline use, you can access materials from anywhere, with the option to go paperless or to print select items on the agenda or the whole packet—in just one click.
Saves time—easy to compile and update, allowing staff to do other things
Saves money—no printing, copying, mailing, delivery of meeting packets, etc.
Last minute changes/additions are incorporated easily
Automatic pagination of the entire document as you drag and drop agenda items
Easy to learn—uploads Word, Excel, and PDF documents quickly
Previous meeting agendas can be copied and edited to make new meetings
Includes a minutes template for taking meeting notes
All info from previous meetings stored, and easily accessed and searched
Workflow tool ensures contributors work together to meet deadlines
Free online training by BoardBook for any user, at your convenience
Onboarding is so seamless, you could be up and running for your next meeting!
Budget Control Procurement Platform
Did you know that in many cases a 5% reduction in operating cost is financially equal to a 20% increase in revenue?
Aggregate power is a proven benefit of associations
Web Demo of the Budget Control Procurement Platform":
Time is always a big challenge. A good procurement platform vs a traditional purchasing system can continually save you a lot of time. Time usually equates to money. The more efficient you are with your time the more you can get done. Efficient use of time allows you to operate efficiently with less people.
Consistency of products and services. A modern procurement platform will give you the ability to have consistency in products and services purchased. This keeps people from randomly selecting products and services via Google search.
Amazon business catalog. In our procurement platform, you can have your own Amazon business catalog. This can be very beneficial for your organization. We are an Amazon endorsed procurement platform provider.
Integration to your financial system is optional. Many times, the task of your IT department implementing the electronic data interchange to your financial system is a project that needs to be done later. You can easily enter a monthly journal entry for the summary of the transactions.
GPOs (Group Purchasing Organizations) you can use them, but many times they are not efficient to use. As a group, you could get better discounts from specific suppliers than you get through the GPO. The GPO is a middle man that is not as necessary with today’s procurement tools. If the GPO lets you put their catalogs in your procurement platform, then they are offering value to the association.
Tax Exempt is a problem for many online purchases. With a procurement platform, you can make sure your suppliers have your tax-exempt status so you are not paying sales tax when you should not.
Budget control is needed, but not always easy to manage. This procurement platform gives you the ability to manage spend before it happens, so you do not exceed your budget unless you intentionally approve it.
Requisition approval is one of the best practices to manage spend before it happens. This procurement platform makes it extremely easy to manage requisitions and keep a log of all activity related to the requisition.
Request for Quotes from suppliers. It is proven that you can substantially reduce costs by issuing formal requests for quotes to suppliers. Suppliers know they must provide good prices to win the business. Many times, a 20% or more cost savings is achieved.
"We believe we can help you control spend.”
CampusLogic transforms the way higher education delivers student financial services with the first—and only—comprehensive platform. Easy. Mobile. Personalized. With CampusLogic’s innovative software, institutions improve enrollment and retention by helping students understand the cost of college early in the enrollment process, find relevant scholarships that bridge funding gaps, engage with personalized multimedia award letters, and easily complete critical financial aid forms. Schools also streamline processes and communicate with students where they live – on their mobile devices. More than 440 schools serving 3 million students boost enrollment, streamline efficiencies, and improve retention with CampusLogic.
LTD/Life Insurance Program
The Higher Education Benefit Alliance (HEBA) takes advantage of the employee benefits buying power of the volume associated with multiple colleges and universities through an extensive RFP process. The process allows each institution participating to avoid many hurdles that are often associated with consortium efforts. For instance, the program does NOT mandate that the colleges share risk, and there is also no need to conform to a unified plan design or change current employee offerings. The benefit to each college is that more leverage exists to push carriers for better pricing, as carriers are not considering just one new college, but instead many for new business.
Multiple MICU schools of varying sizes have benefitted dramatically from this program. To date, this includes securing savings for Life, Long Term Disability, Short Term Disability, Voluntary Life, medical stop loss, and other benefit programs by participating. It’s simple to learn about the process through Risk Strategies’ straightforward approach.
Property/Casualty Insurance Program
The core program coverages includes: Property, General Liability, Education Legal Liability, Automobile and Excess Liability. Group purchases include but are not limited to Cyber Liability, Crime, Fiduciary, Media and Out-of-State Workers Compensation. The current member benefits in the program include premium savings, enhanced coverage terms, loss control services and e-Training for their member colleges.
MICU looks forward to growing the program with the ultimate goal of achieving the same success as our Workers Compensation Program and returning dividends to our Members.
Purchasing Card Program
The Diners Club Corporate One Card available to MICU members, maximizes rebate potential and simplification. Rebate rates are determined by consolidating the annual charge volume of all participating MICU members, maximizing rebate potential for each individual member.
A single card account to pay for multiple types of business expenses-travel, purchasing, and fleet, allow for employee convenience. Spend controls are setup through merchant category code, merchant ID, and transaction limits.
Advantages for Institutions:
Maximize rebate potential
Improved supplier negotiations
A value added provider of software, hardware, and peripherals; ScholarBuys is dedicated to working exclusively with academic institutions. Their academic focus and experience enables more effective consultation of technology products and services for Education entities as they have a deep understanding of the specific needs in the realm of academia.
ScholarBuys niche expertise is group purchasing, they help academic consortia across the United States harness their combined buying power to reduce the price for services and goods for their members. MICU, in collaboration with ScholarBuys, has negotiated Volume License Agreements to allow our member institutions to maximize their investments with Microsoft and Adobe.
Workers’ Compensation Fund
Since its inception in 1983, the MICU Workers’ Compensation Fund has returned over $25.2 million in distributions back to its Members. The fund works to reduce claim exposure at member institutions and return employees back to their place of employment healthy and as soon as possible.
The MICU Workers’ Compensation Fund saves its Members on average 62.8% in premiums.
In a 10-year Benchmark Report (1/1/2005-12/31/2014) published by Midwest Employers Casualty Company, the MICU Workers’ Compensation Fund performed within the Best Practice measures. In other words, according to Midwest, the MICU Fund operates in the 99th percentile compared to similar workers’ compensation funds.
The MICU Worker’s Compensation Fund is overseen by a Board of Trustees made up of mostly Chief Financial Officers at Fund member colleges and universities. It is supported by a comprehensive team of service agents and financial institutions that understand the integrity and performance of the MICU Fund. Rhonda Roorda, MICU Fund Administrator, has 22 years of experience managing the fund.