WAICU launches innovative retirement savings plan

WAICU is nationally known for its collaborative cost-savings programs. The objective of collaboration is to save money and improve the quality of goods and services to students, faculty, and staff at Wisconsin’s private, nonprofit colleges and universities. Participation in the programs is voluntary, and offerings range from joint technology and office supply purchases to insurance programs. In 2017, the programs saved WAICU members over $23 million, enabling colleges and universities to control their costs and focus on educational opportunity.

The latest addition to the roster of collaborative programs is the WAICU Retirement Readiness Plan, a state-of-the-art Multiple Employer Plan (MEP). After a rigorous, three-year-long due diligence process, the MEP launched with Lawrence University and Ripon College as initial adopters. Northland College is the latest WAICU member to join the plan. The plan has garnered national media coverage as an innovative approach to reducing fees, increasing the level of service, and helping institutions to fulfill their fiduciary liability.

The WAICU MEP Board of Directors selected Transamerica as the recordkeeper for the 403(b) plan, and Advanced Capital Group for the investment advisory firm; participants may choose from a wide variety of investment options. The plan is available to all WAICU-member colleges and universities. The plan has a potential of more than 17,000 eligible participants and over $3 billion in retirement plan assets.

“Multiple employer plans gained popularity with corporate retirement plans, but have remained largely unexplored by the nonprofit sector,” said Brodie Wood, senior vice president at Transamerica.

Through the WAICU Retirement Readiness Plan, WAICU offers its members a solution that can reduce costs and create administrative efficiencies. These savings and resources, in turn, reduce the costs that are passed along to students and advance WAICU’s mission of “working together for educational opportunity.”