Issue
A private university with more than 600 plan participants and approximately $90 million in retirement plan assets sought to improve participant engagement and retirement readiness outcomes. Leadership also wanted to explore ways to reduce overall plan expenses and offer more personalized investment solutions, including lifetime income options to better support participants as they transition into retirement.
Solution
The university engaged CBIZ to implement a customized managed account solution through RetirePlus Pro®, offered in partnership with the plan’s existing recordkeeper, TIAA. As a 3(38) fiduciary, CBIZ assumed responsibility for managing the plan’s default investment option, developing three risk-based glidepaths aligned with participant time horizons and risk tolerance. The solution provided greater investment flexibility through an open-architecture approach.
Outcome
- Identified opportunities to reduce the expense ratio for the plan’s default investment option compared to prior offerings.
- Improved participant engagement and encouraged more appropriate asset allocation based on individual risk tolerance and retirement timelines.
- Enhanced fiduciary oversight by shifting investment responsibility for the default option to CBIZ as a 3(38) investment manager.
- Strengthened retirement readiness by offering professional investment management, risk-based customization, and lifetime income options.
- Delivered a streamlined implementation experience through close coordination with the plan’s recordkeeper and participant education initiatives
Is Your Retirement Plan Due for a Checkup?
A retirement plan review can help identify strengths, uncover gaps, and provide actionable recommendations to help you ensure a healthy retirement plan while fulfilling your fiduciary duty of prudence. Contact CBIZ to get your personalized, complementary benchmark assessment.
| Company Information | |
|---|---|
| Industry | Higher Education |
| Geographic Footprint | National |
| Number of Participants | 600+ |
| Retirement Plan Size | $90 Million |
Investment advisory services provided through CBIZ Investment Advisory Services, LLC, a registered investment adviser and a wholly owned subsidiary of CBIZ, Inc.
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