Benefits March 9, 2012

Community College Says 403(b) Too Expensive

March 13, 2012 (PLANSPONSOR.com) – Blue Ridge Community College has offered a 403(b) retirement plan for employees since 1972.
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But, the plan has become too expensive to maintain, President for Finance and Operations Rhonda Devan said.  

Eight employees currently use the plan, and Devan said she spoke to them about it being discontinued, according to North Carolina’s Blue Ridge Time-News. She added that all eight employees will have a chance to talk to a financial adviser and could move toward a 401(k) retirement plan.  

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In addition, the college’s finance committee voted to recommend the adoption of a 457(b) deferred compensation plan for employees.

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