Section 403(b) Defined Contribution Plan for Tax Exempt Colleges and Universities in Virginia (MEP), established in 2018, is currently accessed by 18 nonprofit private institutions of higher education in Virginia that are members of CICV. A MEP is a single retirement plan with multiple “adopting employers.” The MEP provides 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. Notably, the MEP allows each college to tailor the plan to accommodate their school’s unique needs, empowering them for effective retirement planning.
A strong vendor team of industry-leading experts supports the MEP. TIAA, Pentegra, SageView, and Millennium Advisory Services bring their wealth of experience to serve as record keepers, plan administrators, plan investment advisors, and employee advisors, respectively. Troutman Pepper provides legal counsel, and PRM Consulting provides consulting services, including regular vendor analysis. CICV delivers the program with strategic administrative and controller supportive services. The MEP is committed to continuous improvement and upholding rigorous standards. Therefore, in 2020 and 2024, the Governing Committee directed PRM Consulting to conduct comprehensive due diligence reviews of all the vendors. These thorough reviews aimed to ensure the highest level of service and cost-effectiveness and included surveys of various constituent groups and cost analysis.
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 University
- 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 mepadmin@cicv.org