To get lower fund management costs by leveraging the total assets of the plan
Standard Retirement Services (The Standard), a subsidiary of StanCorp Financial Group, has been selected by Bay College of Michigan to be their single 403(b) plan provider. The Bay College 403(b) plan includes 250 eligible participants.
The Standard’s investment selection and monitoring process and participant education program were cited as reasons for the decision. Scott Ciullo of PlanMember Services Corporation will assist with employee education for the plan, the company said.
Tom Griggs, director of Human Resources for Bay College, said: “The single provider service model is beneficial to us in several ways. The Standard is able to obtain lower fund management costs by leveraging the total assets of our plan. In addition, they practice full fee transparency and offer full fiduciary support, which are critical to us in light of the new IRS 403(b) regulations that took effect at the beginning of this year.”
Earlier, the company’s 403(b) plan was selected by a consortium of 15 school districts in southeast Michigan.