The new program will offer:
- No administrative fees for plans with more than $500,000 in total assets;
- Enhanced education services and communications materials for employees, including regularly scheduled face-to-face visits and online seminars for plans of all sizes;
- An expanded lineup of investment options, including target-date funds and a new guaranteed lifetime withdrawal benefit; and
- 24/7 access to new account management tools through the program's new website www.USCMRetire.org/ and an automated voice response system at 888-303-USCM.
Brent Neese, vice president of government markets for Great-West, who will be overseeing the transition, added, “We're also introducing a plan report card. It provides details to USCM member plans about the retirement readiness of their plan participants. It also offers tips for improving their retirement readiness. We look forward to sharing these and other industry leading tools with USCM and its members so they can reach their retirement savings goals.”
Currently, the USCM 457 plan comprises almost 4,000 municipalities across the United States and over $6 billion in assets. Municipalities may immediately enroll in the new 457 plan offered through Great-West. The U.S. Conference of Mayors is the official nonpartisan organization of cities with populations of 30,000 or more. There are 1,295 such cities in the country today. More information on the USCM Program can be found at www.uscmretire.org/transition.