As part of its benefits package, IMRF has long offered staff a 457(b) plan administered by separate providers. In 2015, however, IMRF began to question whether partnering with multiple providers was really the best choice for the plan's participants.
To determine the most beneficial structure for our staff, IMRF undertook last year its first ever comprehensive review of its 457 plan providers. In doing so, IMRF discovered it could realize significant savings for employees by consolidating to one provider.
It's this discovery that prompts this Special Edition of Employer Digest. Just like IMRF, many of our participating employers partner with multiple 403(b) and 457 plan providers.
By sharing our experience, and the best practices we learned, IMRF hopes to encourage our employers to undertake their own review of their 403(b) and 457 plan offerings, using our process as a guide. Doing so just might result in significantly reduced fees - and greater retirement security - for your employees.
*Local units of government may offer 457 plans to employees while school districts may offer either 457 or 403(b) plans. IMRF can offer its employees only a 457 plan. Please consider the process and the potential benefits shared in this article as having relevance to all IMRF employers. |
