Maximizing Benefits for Retirement Plan Consortiums
Better pricing. Better service. Better idea.
Retirement plan consortiums consist of schools and educational institutions that join together to achieve better pricing, service and efficiency for their retirement programs while improving options for plan participants. In addition to providing traditional consulting and compliance services, CBIZ has the experience and flexibility to help you realize the benefits of this group structure while maintaining independence for members.
|HOW IS A RETIREMENT PLAN CONSORTIUM FORMED? |
At each school or institution, the Board of Trustees will delegate the responsibility of managing their retirement plan to a committee—typically Finance, Audit and/or Retirement Plan. A consortium is formed when multiple committees come together for the purpose of leveraging more competitive pricing and services.
WHAT ARE THE BENEFITS?
Forming a consortium can reduce costs and minimize day-to-day plan administration duties related to the investments, fees and expenses, and fiduciary governance for consortium members. Consortiums also benefit from sharing the costs of a plan advisor who can ensure contribution, distribution and participant eligibility compliance for all members.
|WHAT MAKES A CONSORTIUM SUCCESSFUL? |
Most education institutions have common needs and goals. Working as a team fosters the sharing of information and ideas between consortium members. But the greatest value comes when members can leverage better pricing as well as the knowledge of an industry advisor to benefit all members simultaneously.
Learn about CBIZ services dedicated to:
Best of all, there’s no need to change your record keeper or service providers in order to achieve these benefits. As an independent advisor, CBIZ will gladly work with your existing partners and leverage our relationships with more than thirty different retirement plan providers—including TIAA-CREF, Fidelity, VALIC and Transamerica Retirement Solutions.
CBIZ Retirement Plan Services is a trade name under which certain subsidiaries of CBIZ, Inc. market investment advisory, third party administration, actuarial and other corporate retirement plan services. Investments and advisory services offered through CBIZ Financial Solutions, Inc., Member FINRA, SIPC and SEC Registered Investment Adviser, dba CBIZ Retirement Plan Advisory Services. CBIZ Financial Solutions, Inc. is a subsidiary of CBIZ, Inc. (NYSE Listed: CBZ)