ICMA-RC Joins Public-Sector 403(b) Plan Provider Market

According to ICMA-RC, its overall plan costs in some cases may be more than 33% lower than what other 403(b) participants pay.

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.

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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.

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