The Council for Independent Colleges in Virginia (CICV) has reinvisioned the employee retirement plan in the nonprofit world, creating what may be the first of its kind in the country. Mary Baldwin University is part of this innovative model that both cuts costs and offers enhanced options.
Fourteen member institutions have joined together to form a multiple employer plan (MEP), pooling their resources to achieve better pricing and a wider range of services. It was five years in the making.
The MEP allievates the burden of compliance, administration, and other responsibilities from small universities, handing these areas to outside firms that CICV has carefully vetted. Plus college employees gain a better selection of investment options at reduced fees and access to more robust retirement planning and guidance.
The MEP is similar to the health care consortium that CICV created a decade ago, and is slated to begin in June or July. MBU employees will receive transition and welcome guides in the mail, and Millennium Advisory Services will be on campus during the transition period for individual appointments for financial advice and planning.