IL Pension Adminstrator Offers 403(b) Solution for School Districts

February 25, 2010 (PLANSPONSOR.com) - The Illinois Public Pension Fund Association (IPPFA) has announced the creation of a solution for school districts that allows them to outsource their plan administration.

The Wise Choice for Educators Plan is a 457(b)/403(b) single vendor solution built and directed by the IPPFA, whose members collectively manage in excess of twelve billion dollars of defined benefit retirement plan assets. According to a press release, the IPPFA is responsible for making sure the plan is compliant with Internal Revenue Service (IRS) regulations.

The announcement said the solution provides a comprehensive participant education program, full-fee transparency, and a strong asset allocation platform. It offers no surrender charges, no wrap fees, and an open architecture platform which includes fund families such as Fidelity, Vanguard and American Funds.

The plan offers the same pricing and design to all school districts, regardless of number of employees.

“The Wise Choice for Educators Plan was built by leveraging the buying power of hundreds of public sector employers and creating a co-op that other public sector employers are able to join at no cost,” explained Joel Babbitt, IPPFA Benefits Coordinator, in the announcement. “We built this K-12 supplemental savings plan because we became concerned about the quality of plans our members were deferring money into.” ¬†

For more information, contact Debby Karton at (847) 441.5911 or visit http://www.ippfa.org.

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