Independent Colleges of Indiana, Inc.

PLANSPONSOR: Please cite any noteworthy initiatives you have taken in the past 24 to 36 months that have produced results to improve your plan, and describe the results.

Independent Colleges of Indiana: We have spent an extensive amount of time preparing participating employers for SECURE [Setting Every Community Up for Retirement] 2.0 provisions and the decisions they each need to make. On an ongoing basis, we meet with Independent Colleges of Indiana members who are not part of the MEP yet, but are considering joining.

In 2024, we began the process of due diligence evaluations of all service providers, which has led to improved services, strengthened compliance and reduced costs.

PLANSPONSOR: Please explain the ongoing governance efforts of those involved with the plan meant to ensure its compliance and effective operation.

Independent Colleges of Indiana: Due diligence work is being conducted for all service providers to ensure that the MEP is receiving quality service at a fair price. This work requires extensive data gathering, negotiation with service providers and gathering of board input. It will be conducted at least every five years.

Our legal counsel is present at every board meeting and is part of the due diligence review. Plan service providers include both a 3(38) fiduciary and a 3(16) fiduciary. Annually, revenue credit balances are evaluated, and, when appropriate, distributions are made to benefit participants.

This year, for our Plan Sponsor of the Year profiles, we are publishing Q&As based on the finalists’ applications and nominator comments. Responses are edited and may be paraphrased. In cases where the finalist self-nominated or, on its application, referred judges to the nomination for the answer, we have attributed those nominator answers to the plan sponsor.