The plans can be serviced by the same teams that service 401(k) plans, with the same recordkeeping systems. Retirement readiness tools for participants include communication and participation materials, and a Retirement Income Control Panel through Advised Assets Group LLC, a registered investment adviser. Plan sponsors can receive a Retirement Readiness Report Card. A re-enrollment strategy into a qualified default investment alternative (QDIA) is available.
More than 200 investment options are included. Options in target-date funds include multi-fund families and a number of glide paths. Other fund features are variable investments, fund performance review and sample investment policy statement.
The smaller end of the market was short on quality 403(b) offerings, according to Bill Harmon, senior vice president of 401(k) corporate markets at Great-West Financial. “We worked closely with our advisers, discussing and brainstorming how we can help Americans attain a bright financial future,” Harmon said. The Premier and Custom Key 403(b) products will be popular, Harmon feels.
“I’m familiar with quite a few smaller and mid-size nonprofit organizations, for example, clinics, libraries and museums, that want to offer their employees an affordable, quality retirement savings plan,” said Marte Werner, co-founder of NWK Group, Inc. a registered investment adviser firm based in San Francisco. “Great-West Financial’s new 403(b) products are a perfect fit,” Werner said.
More information about the Great-West Financial Premier Key and Custom Key 403(b)s is available through a download.