Having the Office of the State Treasurer provide oversight of the CORE Plan relieves much of the fiduciary responsibility that you might otherwise incur by utilizing an outside plan.
Some of these responsibilities could include:
- maintenance of a current plan document
- monitoring underlying investment options for reasonable fee structure and performance
- ensuring that your plan is in compliance with any legislative updates
The need to encourage employees to save more for retirement has never been greater. Providing employees in the nonprofit sector access to a low-cost defined contribution plan with quality investment options, easy-to-understand communication materials and interactive website tools could go a long way toward making sure your employees are better prepared for retirement.