VALIC Selected as New Administrator of Retirement Plans

A Message from Mary Beth Clifton, Assistant Vice President, Total Rewards and Workforce Planning

I am pleased to announce that VALIC, one of Valencia’s current providers for our voluntary 403(b) retirement plans, has been selected as the administrator of the College’s FICA alternative, special pay, voluntary retirement and defined contribution plans. VALIC was recommended as the best value provider by an evaluation team, comprised of both staff and faculty, along with members of the Total Rewards team, who reviewed responses to an Invitation to Negotiate (ITN). Please note that this change does not include or affect administration of our Florida Retirement System (FRS) or Community College Optional Retirement Program (CCORP).

The plans that will be administered by VALIC include:

  • Special Pay Plans
  • 403(b) and 457 Voluntary Plans
  • 401(a) FICA Alternative Plan

In an article last summer, we communicated that Valencia was working closely with Mercer, a retirement and investment plan consultant, to help guide the rebid of our retirement plans administrator. For the last 15 years, Valencia has contracted with BENCOR for the administration of the College’s retirement plans.

Valencia College President Sandy Shugart has approved this selection, and it was presented to the District Board of Trustees on Monday, February 6, 2017. The board approved Valencia to proceed with contract negotiations with VALIC.

VALIC provides retirement plan services to 24,000 plans, representing 1.8 million participants. They have more than $85 billion in assets.

BENCOR will remain our administrator until a contract is secured and a conversion plan is adopted. Once finalized, the transition to VALIC is expected to occur in early fall 2017.

We understand that our retirement plans are an important benefit. Please know that we are working to ensure that you experience as little disruption as possible during the transition.

Since we have not engaged with VALIC beyond the Intent to Negotiate (ITN), we will be providing updates in The Juice about the process.

If you have any questions, please click the button below for a list of FAQs.

If you have any further questions, please contact Tom Keller, director, benefits, at tkeller8@valenciacollege.edu or extension 3888; Mary Beth Clifton, assistant vice president, total rewards and workforce planning, at mclifton4@valenciacollege.edu or extension 8263; or contact your campus director of organizational development and human resources.

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