At Lawrence University in Wisconsin, a benefits advisory committee works with an insurance broker to contain costs and determine the best plan designs while providing competitive employee benefits. The committee, which is chartered by the president, includes several administrators from finance and HR along with two faculty members.
Today, with increased attention on student success and the long-term effects of unpaid accounts, institutions need to recognize the impact financial services staff have on recruitment and retention. It’s a shift to thinking more about the big picture.
Eight prominent universities—including University of Pennsylvania, Duke, Emory, Johns Hopkins, Vanderbilt and others—were hit with separate lawsuits in August 2016 alleging the institutions mishandled their employee retirement plans.