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Retirement Plan Governance: Best Practices and Insights
What is MERCplan?
MERCplan is dedicated to enhancing retirement plan governance for public-sector entities, specifically focusing on 403(b) plans and 457(b) plans. We emphasize structural best practices, fee transparency, fiduciary responsibility, and participant outcomes, all while aiming to simplify oversight and improve the effectiveness of public sector retirement plans.
Through comprehensive research, discussion, and implementation, MERCplan aids public leaders in evaluating how their 403(b) and 457(b) plans are structured and governed.
This resource library is tailored for board members, superintendents, CSBOs, HR directors, and public-sector leaders who are assessing retirement plan governance and seeking retirement education.
RETIREMENT PLAN GOVERNANCE IN ACTION
Public sector retirement plans, including 403b plans and 457b plans, are undergoing significant governance evolution. Across various states, plan sponsors are assessing whether legacy multi-vendor 403(b) structures provide sufficient oversight, transparency, and efficiency, especially concerning fiduciary responsibility. The discussions below delve into how different entities have approached consolidation, consortium models, and governance reform, emphasizing the importance of retirement education in these processes.
Transitioning to a Consolidated 403(b)
Chicago Public Schools
In the podcast below, HR leadership at Chicago Public Schools discusses their transition to a consolidated structure for 403(b) plans and 457(b) plans, along with the governance considerations that informed this decision. The conversation emphasizes the importance of fiduciary responsibility, administrative simplification, fee transparency, and long-term oversight of public sector retirement plans, all while highlighting the need for effective retirement education.
Baltimore City Public Schools
In the video below, the CFO and Union Leader discuss their 403(b) plans consolidation at the School Board Meeting, highlighting the importance of understanding public sector retirement plans and the fiduciary responsibility they hold in managing these funds. They also touch on the role of 457(b) plans and the necessity of providing retirement education to ensure all employees are informed.
Consortium-Based 403(b) Governance
Southern Education Retirement Consortium
In the podcast below, leaders of the Southern Education Retirement Consortium discuss how a consortium-based, single-vendor structure can enhance the governance of public sector retirement plans, including 403b plans and 457b plans, for participating districts. The conversation delves into economies of scale, centralized oversight, investment consistency, and the structural benefits of consolidation, all while emphasizing the importance of fiduciary responsibility and retirement education.
UNDERSTANDING YOUR FINANCIAL FUTURE
Built by a Teacher, for Teachers
Clear, honest retirement education on 403(b) plans, 457(b) plans, and the historical development of public sector retirement plans—so educators can understand their fiduciary responsibility and make informed, confident decisions about their financial future.
LEARN HOW THE CONSORTIUM MODEL WORKS
What to Expect
This is a brief, informational conversation to explain how the consortium governance model works, particularly in the context of evaluating shared retirement plan governance for public sector retirement plans, including 403b plans and 457b plans. We will also touch on fiduciary responsibility and the importance of retirement education in these discussions. There is no obligation, no product discussion, and no expectation of making a decision.
Our Partners
Independent fiduciary consulting and plan governance advisory.
Recordkeeping and retirement plan platform provider.
Stronger together through shared retirement plan governance.
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