Great-West to Sponsor 403(b) Prototype Plan
GREENWOOD VILLAGE, CO, June 10, 2009 - Great-West Retirement Services announced today that it has notified the Internal Revenue Service (IRS) of its intent to sponsor a 403(b) prototype plan under the IRS's proposed 403(b) prototype plan program. The IRS program will allow eligible employers to adopt a pre-approved prototype plan and have assurance that the plan meets the requirements of 403(b) final regulations.
"As a key provider of 403(b) plan services to educational institutions, hospitals, healthcare facilities and not-for-profit organizations, Great-West Retirement Services has taken a leadership role in the industry's efforts to assist plan sponsors in complying with the 403(b) final regulations," said Chris Cumming, senior vice president. "By sponsoring a 403(b) prototype plan, we will further enhance our service array and our clients' ability to comply with the new rules from a plan document perspective."
At year-end 2008, Great-West Retirement Services provided 403(b) plan record keeping and administrative services to almost 2,465 organizations nationwide, representing nearly 340,000 participants.
About Great-West Retirement Services
Great-West Retirement Services, a business unit of Great-West Life & Annuity Insurance Company, is the fourth-largest retirement plan record keeper in the United States, based on total participants at year-end 2008, according to a ranking by Spectrem Group. In all, Great-West Retirement Services provides 401k, 401(a), 403(b) and 457 retirement plan services to nearly 21,000 plans representing 3.7 million participants and $92 billion in assets at Dec. 31, 2008.
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