Change in Retirement Plan Provider

Memorandum: Office of the Vice President and Treasurer


TO:               Faculty and Staff of Rollins College

                               

FROM:          Jeffrey Eisenbarth, Vice President for Business and Finance

 

DATE:           November 14, 2013

 

RE:               Change in Retirement Plan Provider



As has been communicated previously, the Rollins College Retirement Plan Advisory Committee* has been actively engaged over the past year in an in-depth examination of the current retirement plan providers (TIAA-CREF and Fidelity).  This review was motivated by recent regulatory changes for 403(b) plans that now require Rollins College to exercise increased fiduciary oversight of our retirement plans and manage greater administrative complexities. As a result, it became imperative to review our plans and take the necessary steps to ensure we offer a high quality, streamlined retirement plan program with regard to participant support and guidance, investment options, administration, legal compliance, and fees.
 
The committee’s analysis included a benchmark study to compare Rollins’ plans to those of comparable organizations and the Request for Proposal (RFP) process was initiated to evaluate the current plan vendor offerings, as well as those of other retirement plan administrators.  This past summer, a survey was also sent out to faculty and staff to gain insight as to what matters most to plan participants.
 
After a year-long meticulous search, review, and evaluation of highly qualified retirement plan vendors (including our current ones) aided by an experienced, independent retirement plan advisor, the Rollins retirement plan committee unanimously selected Transamerica Retirement Solutions to become our new, exclusive plan administrator effective April 1, 2014.
 
This transition to Transamerica will undoubtedly raise many questions concerning how the coming changes will affect you and your retirement accounts. No action is needed from you at this time.  During the process leading up to the April 1 transition, you will receive many more details and we will keep you continually informed about what’s happening. Transamerica is an award-winning provider of educational, administrative, and investment services to retirement plans sponsored by higher education institutions. Partnering with Transamerica will enable Rollins to offer a more robust retirement planning experience through comprehensive investment choices, automated tools and services for creating and improving your retirement savings strategy, and sound education and guidance to help you make confident decisions to enhance your retirement outlook.
 
We look forward to the coming changes and feel confident you will share our enthusiasm for this new and improved approach. As mentioned, be on the lookout for more information concerning the transition to Transamerica and its impact on you. Rollins and Transamerica will work together to make the process as straight-forward and simple as possible, and in a few months we’ll be pleased to announce that the Rollins College retirement plans provide all of the services and resources you need to get and stay on track for a secure, funded retirement.

 

Sincerely,

 

*Rollins College Retirement Plan Advisory Committee Members:

Amanda Hopkins, Director of Gift Planning

Richard Lewin, Assistant Professor of International Business, College of Professional Studies

Udeth Lugo, Director of Institutional Research

Maria Martinez, Assistant Vice President, Human Resources and Risk Management

Martina Vidovic, Assistant Professor of Economics, Arts and Sciences

Bill Short, Assistant Vice President, Finance

J. Clay Singleton, Professor of Finance, Crummer

Jennifer Addleman, Manager of Benefits (Ex-Officio)

Jeff Eisenbarth, Vice President of Finance and Treasurer (Ex-Officio)