After two years of an extensive review, a committee charged with refining retirement plan options for employees will co-host, along with representatives from Human Resources, multiple town halls to share information about findings and next steps.
The review was launched in Spring 2020 with the aim of lowering employee costs for retirement account management while providing employees with the best retirement plans available to them and providing them with improved educational opportunities and best-in-class investment choices that maximize their retirement benefits.
“The committee worked tirelessly to become experts on CSU retirement plans and industry best practices,” said Joseph DiVerdi, chair of the committee and non-tenure track faculty member. “We delved into our employees’ perspectives based on survey results and conversations, and then translated that knowledge and view into an understanding of how we can curate plan options that provide our employees with the best opportunity to smartly invest for their retirement.
“Our goal was to identify the best framework the university could offer employees for retirement now and in the coming years.”
The committee is composed of leaders from Faculty Council, Administrative Professional Council, and the University Benefits Committee, along with faculty representation and university financial experts. The committee worked with Innovest Portfolio Solutions, a Colorado-based consultant that specializes in retirement plan research and recommendations. Human Resources provided information to the committee and Innovest to inform the review.
As part of its review, the committee evaluated the results of a detailed survey of employees, information gained from the three workshops with employees, the responses of companies responding to the detailed request for qualification and the research and advice from Innovest Portfolio Solutions.
A series of town halls in September will provide employees with information about the review and next steps. Registration is required and it is important the employees, retirees and former employees select a town hall based on their employment status. Recordings of a town hall for current employees and a town hall for retired or former employees will be posted on the website.
“We hope that employees, retirees and former employees will take advantage of these town halls to learn about the committee’s work,” said Robyn Fergus, vice president for Human Resources. “In addition to ensuring we are offering cost-effective retirement plans, educating and engaging our employees in their retirement planning is a key priority of this review – we want our employees to feel empowered and actively plan for their future.”
For more information about the retirement plan review and town halls, visit hr.colostate.edu/retirement-plans-review.
What CSU retirement plans were reviewed?
- Defined contribution plan.
- Student employee retirement plan.
What plans were NOT reviewed?
- PERA is administered by the state and is not part of this review. This includes PERA supplemental retirement plans.
What plan do I have?
- Current employees can look up their retirement plan info at hr.colostate.edu/current-employees/payroll/employee-self-service.
Who benefits from the review?
- Current employees with one of the above plans.
- Retirees or former employees with an account balance in one of the above plans.
How can I learn more?
- Register for a town hall hr.colostate.edu/retirement-plans-review.
What do employees want in a retirement plan?
Based on survey results and conversations, employees want:
- A better understanding of their plan and more communication about it.
- Individualized help to understand investment options.
- Knowledge about how to prepare for retirement.
- Lower administrative costs passed along to them.
- Quality investment choices.
What are next steps?
- Propose refinements to the retirement plans to the Board of Governors.
- Educate current employees, retired and former employees about approved plan improvements.
- Implement approved plan recommendations.