ICMA-RC, provider to public-sector 401(a) and 457 defined contribution (DC) plan sponsors and participants, will now provide services to public-sector 403(b) plan sponsors and participants.
One of the ways ICMA-RC plans to help 403(b) participants reach their retirement goals and build retirement security is by providing open architecture and a comprehensive selection of investments with lower fees and expense ratios. In addition, ICMA-RC’s full-time representatives will be available to 403(b) participants to assist them in developing a retirement savings plan—including providing education about how their 403(b) plan works to complement other retirement savings programs (pensions, 457 plans, etc.), as well as providing personalized assistance with asset allocations.
According to ICMA-RC, its overall plan costs in some cases may be more than 33% lower than what other 403(b) participants pay.
“We’re looking forward to giving 403(b) participants the products and services they need at a reasonable cost to help them fill the gap between their pension benefit and the income they need in retirement,” says Michael Guarasci, ICMA-RC senior vice president and chief financial officer. “We are aiming to make a dramatic impact on the 403(b) market by disclosing fees, providing high-value participant services and eliminating cross-marketing and solicitation for non-retirement products.”
For more information about ICMA-RC’s new 403(b) retirement planning services, contact Scott Vensor, vice president, 403(b) national practice leader at (888) 803-2725.