Retirement Plan Advisory Committee

Retirement Plan Committee

The Pacific University Retirement Plan Committee supports the Pacific University Section 403(b) Plan, providing the requisite structure, discipline and documentation in accordance with retirement plan administration best practices. The Committee advises the Vice President for Financial Affairs & Administration on many plan-related areas, including, but not limited to the following:

Selection and Monitoring of Service Providers, which includes prudently selecting and monitoring service providers whose fees are reasonable considering the services they provide. Tasks include but are not limited to:

  • Selecting service providers to Pacific University based on an objective and prudent process.
  • Reviewing and maintaining each fee disclosure for every service provider to the Plan; determining reasonableness of fees and services related to the same.
  • Establishing and reviewing cybersecurity protocols for retirement service providers.

Selection and Monitoring of Investments, which includes selecting and monitoring the Plan’s investment line-up. Tasks include but are not limited to:

  • Determining the Plan’s asset class structure.
  • Selecting and monitoring outside investment experts that assist with the selection and monitoring of the Plan’s investment lineup, including both the designated investment alternatives (DIA) and qualified default investment alternative (QDIA).
  • Ongoing monitoring of fees related to investments.
  • Ongoing discussion and education related to special considerations for investment options including stable value, ESG investing, and lifetime income offerings, among others.

Employee Engagement, which includes keeping participants informed of their rights and benefits under the Plan. Tasks include but are not limited to:

  • Sending required notices to active and terminated participants.
  • Interpreting the plan document, including participant eligibility, and ensuring the Plan operates in line with the document.
  • Reviewing the outcomes of each participant engagement program that is established under the Plan.
  • Continually reviewing the payroll logs to ensure accuracy.

Operations and Administration, which includes ensuring the day-to-day maintenance of the plan. Tasks related to the management function include but are not limited to:

  • Reviewing distributions to ensure alignment with plan document.
  • Conducting compliance testing.
  • Establishing and fulfilling missing participant procedures.
  • Preparing, reviewing and filing government reports, including the audit (if applicable).

To learn more about the retirement plan, please access the TIAA website, available at: www.tiaa.org/pacificu or request a copy of the summary plan description or plan document from TIAA or the Human Resources Department by contacting HRAccount@pacificu.edu.   

For more information about the Retirement Plan Committee, please contact the Committee chair at krasmussen@pacificu.edu.