As higher education plan sponsors often work with small benefits staffs and oversee diverse pools of employees, administering a retirement plan tailored to all employees’ needs is a difficult task.
Plan sponsors at higher education institutions expressed concerns over their participants’ retirement readiness, but many do not measure the performance of their plans, according to Transamerica research.
Higher education plan sponsors cited lower costs and fewer administrative responsibilities as reasons to join a pooled retirement plan solution, now available for 403(b) plans thanks to SECURE 2.0.
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