Our client was a Private University with more than 2,500 account holding participants and $140 M in plan assets currently allocated among 3 different recordkeeping vendors. The University had three primary concerns it intended to correct as part of the process:
The University hoped to achieve these goals while improving plan operation and cost structure; and with minimal disruption and full transparency to the plan’s participant population.
This analysis helped the University objectively evaluate the structure of the plan and the current vendors servicing the plan; enabling them to identify where current practices would present regulatory or operational gaps under the new regulations. The results of this analysis led to a process by which our firm helped establish a Board-authorized Retirement Plan Committee.
The Retirement Plan Committee, in consultation with the Multnomah Group, outlined how a successful vendor might better support the University and its participants. To ensure that the wishes of the participant population were also represented in the process, our firm facilitated focus group meetings where participants could express the features they wished to see in a new retirement solution.
Based on that feedback the Multnomah Group drafted a formal Request for Proposal (RFP) focused on the University’s specific needs. Responses were solicited from the current vendors and a solution was identified that significantly improved sponsor and participant service levels.
At the conclusion of the project all of the above were achieved merely by restructuring arrangements with existing vendors. In aggregate these changes will significantly empower the University to fulfill their fiduciary and regulatory responsibilities as plan sponsors.
To find out how the Multnomah Group can help your organization achieve its goals please feel free to contact one of our consultants.