Success Story

Client:

Community Hospital

Background:

A long time FIA endowment client

Concern:

The hospital wondered about the feasibility of:

  • Freezing their defined benefit plan
  • Starting an employer sponsored 403(b) plan

Resolution:

Ready and able to advise on the best practices for this plan, FIA:

  • Worked with the sub-committee of the board, CFO & HR on best strategies to freeze the plan without taking away critical benefits from older, long-term employees
  • Worked with their actuary to freeze the plan and designed a 403(b) plan with employer contribution
  • Designed a request for proposal (RFP) for a 403(b) recordkeeper search
  • Assisted the committee in interviewing vendors to recordkeep the 403(b) plan and bundle the frozen pension
  • Designed a custom LDI asset allocation strategy to manage the frozen pension toward termination
  • Quarterbacked the communication effort to all employees

Ongoing Success:

The end result:

  • Significant savings for the hospital’s pension contribution going forward
  • State of the art 403(b) plan with recordkeeper, investment lineup and employee education to promote better participant outcomes
  • Ongoing monitoring of investments with FIA’s Fiduciary Governance Calendar

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