Great-West Retools 401(k) Business

April 21, 2003 ( - Great-West Life & Annuity Insurance Company has restructured its corporate markets retirement services division to closer align it with its retirement division serving the public/non-profit sector.

The company’s new focus on the corporate 401(k) market will be offering plan sponsors flexibility through a new three-tier product model. Each tier offers an investment array with focused service, attractive pricing and broker compensation options, communication and education programs but without a proprietary fund requirement, according to a news release.

The three tiers are:

  • Key 401(k) – Designed for smaller and start-up companies with more than five participants, this tier features 20 investments. 
  • Key Select – Designed for companies with 25 or more employees and aminimum of $3 million in assets.  In addition to the investment arrayprovided by the Key 401(k),  plans may select an additional five optionsfrom a pool of 60.
  • Custom Key – Designed for larger companies with 50 or more participantsand a minimum of $10 million in assets.  This offering will allow plans theoption of selecting their investment array from a universe of 800 funds.