The 403(b) Multiple-Employer Plan (MEP) retirement plan was launched in 2018. A MEP is a single retirement plan with multiple “adopting employers”. MEPs provide numerous benefits, including robust employee education and advising that will help employees meet their retirement goals, constant monitoring of the investment options and fees charged, reduction of each college’s administrative burden, fiduciary liability and cost to manage their retirement plan, and flexibility for each college to tailor the plan to accommodate their school’s needs.
TIAA serves the MEP as the record keeper, Pentegra as the plan administrator, SageView as the plan investment advisor, and Millennium Advisory Services as the employee advisor. Troutman Pepper provides legal counsel, and CICV delivers the program with administrative and controller support.
In 2020, the Governing Committee contracted with PRM Consulting to conduct a due diligence review of all the vendors, including surveys of various constituent groups to evaluate the level and quality of services provided by the vendors, as well as a cost analysis to determine whether vendors fees are in line with other MEPs. After completing this project, PRM Consulting was hired on an ongoing basis as a consultant.
The following CICV colleges and universities participate in the MEP:
- Appalachian College of Pharmacy
- Appalachian School of Law
- Averett University
- Bluefield University
- Bridgewater College
- Edward Via College of Osteopathic Medicine (VCOM)
- Emory & Henry College
- Ferrum College
- Hollins University
- Mary Baldwin University
- Randolph College
- Randolph-Macon College
- Shenandoah University
- Southern Virginia University
- Sweet Briar College
- University of Lynchburg
- Virginia Wesleyan University
- Roanoke College (in process, 2024)
For more information about the CICV MEP program, please contact the MEP Administrator at firstname.lastname@example.org