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University campus on a beautiful Fall day. (Photo: Shutterstock)

The COVID-19 pandemic has had a notable impact on higher education institutions and their employees, and as a result, retirement plan decisionmakers are looking to bolster their financial wellness plans to help employees feel more in control of their finances. In addition, as plan sponsors seek to reduce complexity and lower fees and costs, provider consolidation is expected to accelerate.

These are findings of Voya Financial’s report: “Lessons Learned on the Management of Higher Education Retirement Plans During Challenging Times.” The report polled 297 retirement plan decisionmakers at both public and private higher education institutions that offer a retirement plan.

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