Deals & PeopleAugust 3, 2009

Security Benefit Wins Iowa 457, 401(a) Biz

<p>Security Benefit has won a contract with the Retirement Investors' Club (RIC) of Iowa to be a provider for the 457 plans and 401(a) plans offered by state employers.</p>

Reported by Rebecca Moore

According to a news release, Security Benefit was one of only five providers for all 403(b), 457, and 401(a) business for more than 370 public employers in the state. Currently, there are more than $500 million in assets and 30,000 participants within the plans covered by the Iowa RIC contract, which will be in effect until 2014.

“We are especially encouraged that we were selected because of our excellent performance as a 403(b) provider for the state,” said Kevin Watt, Security Benefit vice president, Retail Retirement business development. Watt explained that 18 months ago, Security Benefit was one of more than 30 providers offering 403(b) programs in Iowa, and last year was selected to be one of seven 403(b) providers.

Security Benefit has also re-contracted as a 403(b) provider for the state through 2014.

Currently, Security Benefit is a 403(b) plan provider to more than 4,000 school districts across the United States, including the Houston Independent School District, Baltimore County Public Schools, and Charlotte-Mecklenburg (NC) Schools. Security Benefit was selected by the State of Delaware 403(b) plan in 2008.