The committee reviewing retirement plan vendors is expected to formally recommend to university officials this month which firms ranked highest in categories that include experience, technological capabilities, customer service and educational resources.
Deserae Frisk, chair of the University of Colorado Staff Council, gave members an update on the project during the governance group’s regular monthly meeting Oct. 16 at the CU Anschutz Medical Campus.
The committee – composed of 12 current or retired faculty, staff and administration members – has been analyzing proposals from vendors since August.
The university has two retirement options: a mandatory savings plan for faculty and university staff, which has three vendors; and an additional plan, with eight vendors, that is optional for all employees. The university’s options have not been reviewed for more than two decades, according to CU officials, who want to ensure that vendors are providing the best rates, educational opportunities and return on investment.
Future vendors for the retirement plans will be chosen once the top-ranking firms are determined.
At the meeting, council members also discussed:
- The possibility that staff and exempt professional councils will be blended at UCCS, and whether the Denver and Anschutz campuses will have one, instead of two, councils;
- Ways to promote University of Colorado Staff Council through events, media outlets and internal communications; and
- Issuing a call for Service Excellence Awards nominations before the end of the year in order to allow time for candidate review and selection. Awardees will be honored at this year’s all-staff conference in early April.