In addition, FCPS has extended its contract with Great-West Retirement Services through 2011 as the exclusive provider of the school system’s 457 plan , which serves more than 2,000 employees.
The school system said it is standard procedure to issue an RFP for 403(b) providers when contracts are about to expire , and the incumbents’ contracts will expire Dec ember 31. The system selected providers based on their service and value for employees at a reasonable cost , according to the announcement .
” With Great-West, FCPS employees will have access to a variety of retail mutual funds that exclude sales and annuity charges. Employees also will be assisted by two full-time Great-West representatives, who will work exclusively with FCPS staff ,” said Chris Cumming, senior vice president, Great-West Retirement Services , in the announcement .
Great-West Retirement Services provided 401(k), 401(a), 403(b),and 457 retirement plan services to nearly 21,000 plans representing 3.7 million participants and $92 billion in assetsas ofDecember31, 2008.
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