August 18, 2016

Meet the group that keeps watch over our retirement plan

While the Retirement Plan Oversight Committee may not be a familiar name, if you’re among the 20,000 employees enrolled in the Vanderbilt University Medical Center 403(b) Retirement Plan you should know that it is a group working on your behalf. 

“At Vanderbilt University Medical Center we know that saving for retirement is important, and our 403(b) retirement plan is one way we support you in doing that,” said Traci Nordberg, Chief Human Resources Officer. “We are committed to making sure our retirement program stays on top of updates in the financial markets and meets all legal requirements.”

The group consists of members with financial, human resources and investment experience and expertise. Even with that diversity of backgrounds, it also calls on outside investment experts to help monitor the performance of funds, review fees and investment managers and recommend changes to the funds and/or investment managers as needed.

The five-member committee meets quarterly and its oversight falls into three categories:

  • Investment selection and monitoring: Ensure the plan offers a variety of investment options for a variety of risk tolerance levels.
  • Administrative oversight: Use appropriate due diligence in the selection and monitoring of vendors, investment options and the implementation of contractual service arrangements. Develop investment objectives, policies and procedures for the plan.
  • Ensure plan costs are appropriate: Understand administrative and investment fees paid from plan assets, including those charged directly to participants. And continue to benchmark fees for reasonability based on services provided.

Going into its first year with VUMC, this committee has the task of watching over the core investment options of VUMC’s 403(b) retirement plan. Some of the members were previously part of the VU oversight committee when the two plans were combined.

“This committee allows us to take a more active role in administering our retirement plan through continuously monitoring the plan’s performance to ensure the selected funds remain best in class,” said John Manning, Jr., Ph.D., MBA, Chief Operating Officer and Corporate Chief of Staff for the Medical Center.

Meet the committee members

Voting Members:

 

Donald Brady

Director & Senior Associate Dean for Graduate Medical Education and Continuing Professional Development

John Manning

COO & Corporate Chief of Staff

Cecelia Moore

CFO & Treasurer

Alaine Zachary

Director of Treasury

Traci Nordberg

Chief Human Resources Officer

The committee is staffed by Rick Ohmer, senior director, HR Shared Services, and Kim Cox, director, Compensation & Benefits.