Tom Griggs, director of Human Resources for Bay College, said in a press release: “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.”
The Standard’s investment selection and monitoring process and participant education program were also cited as reasons for the decision.
Scott Ciullo of PlanMember Services Corporation will assist with employee education for the plan, according to the press release.
Bay College, located in the Upper Peninsula region of Michigan, is a two-year public college with a main campus in Escanaba and an additional location in Iron Mountain. The Bay College 403(b) plan includes 250 eligible participants.
More information about The Standard is at www.standard.com .