Higher education retirement plan sponsors are looking to planadvisors to improve retirement readiness—and to make plansinto employee recruitment and retention tools.
So says a survey from Transamerica Retirement Solutions LLC,which found that higher ed institutions rely on a plan advisor orconsultant to help with investment selection, investmentmonitoring, and plan compliance.
Eighty-one percent of institutions with advisors tend to have aninvestment policy statement in place (considered an industry bestpractice, although it’s not required under the Employee RetirementIncome Security Act), compared to just 56 percent for plan sponsorsthat do not have an advisor. Smaller institutions of 5,000 or fewerparticipants tend to often rely on their advisor for an evenbroader range of services, such as acting as a plan fiduciary orassisting with plan design changes.
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