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VCOM to pave the way in better employee retirement benefits

Fourteen of Virginia’s private colleges and universities are among the first schools nationally to adopt a 403(b) Multiple Employer Plan (MEP) retirement plan for their employees. The MEP is a single retirement plan with multiple “adopting employers.”
VCOM is joining forces to give employees a new way to save for retirement that has never been done before. The move to a 403(b) MEP will provide current and prospective employees better financial education and constant monitoring of investment options and fees, among other benefits.
By adopting this innovative model, VCOM is paving the way for many other colleges and universities nationally to follow their lead. Under the MEP, because of cost efficiencies and economies-of-scale, participating schools will also enjoy significant cost savings.
“VCOM leadership is constantly on the lookout for opportunities to enhance first-class benefits offered to our valued employees and this MEP plan delivers that in abundance. Our peers put a lot of foresight together with a lot of hard work in bringing this to fruition and VCOM is proud to be among the pioneers in what we believe is the future for leading retirement plans,” said Charles Swaha, CPA, CGMA, Vice President for Finance and Chief Financial Officer at VCOM.