Virginia School District Appoints Great-West As 403(b) Provider
GREENWOOD VILLAGE, CO, September 30, 2009 -- Great-West Retirement Services announced today that Fairfax County Public Schools (FCPS) in Virginia has hired it as one of the school system's three 403(b) plan providers. The 403(b) plan serves 6,000 employees. The retirement plan provider also announced that FCPS has extended its contract with Great-West Retirement Services through 2011 as the exclusive provider of the school system's 457 plan. This retirement savings plan serves more than 2,000 employees.
"We've been helping Fairfax County Public School employees save for retirement through their 457 plan since 2004, so we're excited about the opportunity to help even more employees save through a 403(b) plan," said Chris Cumming, senior vice president, Great-West Retirement Services. "With Great-West, FCPS employees will have access to a variety of retail mutual funds that exclude sales and annuity charges. Employees also will be assisted by two full-time Great-West representatives, who will work exclusively with FCPS staff."
According to FCPS, it is standard procedure for the school system to issue an RFP for 403(b) providers when contracts are about to expire; the incumbents' contracts will expire Dec. 31. Based on the RFP review, the school system selected three 403(b) providers to provide service and value for its employees at a reasonable cost.
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 provided 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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