Products November 2, 2009

ABA Rolls Out Enhanced Investment Structure

The ABA Retirement Funds Program has launched what it calls "an enhanced investment structure" for program participants.

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According to an announcement, the program’s new enhanced investment structure offers participants access to a “cutting edge menu of investment options normally available to only the largest corporations.”  Northern Trust, which recently began its role as ABA Retirement Funds investment fiduciary, will be managing this new investment menu.

ABA Retirement Funds, formerly American Bar Retirement Association and the affiliated ABA Members Retirement Program, offers tax-qualified retirement plan services exclusively to legal professionals through its sponsorship of the ABA Retirement Funds Program.

New Options

Under the new structure designed and managed by Northern Trust, plan participants will have a number of new investment options, including:

  • Large Cap Equity Fund
  • Small-Mid Cap Equity Fund
  • Real Asset Return Fund
  • Three target risk funds (Conservative Risk Fund, Moderate Risk Fund, and Aggressive Risk Fund).

According to ABA, the new structure incorporates plan demographics, participant behavior, and “takes advantage of new investment approaches and styles that are among the best of what the marketplace has to offer.”

“Northern Trust is a pioneer of the manager of managers investment strategy,” said Diane Fuchs, President, ABA Retirement Funds. “Its experience as a professional investment fiduciary will be instrumental in providing a stronger program for participants.” 

State Street Bank and Trust Company of New Hampshire remains trustee, with ultimate responsibility for offering investment options and selecting investment advisors, according to the announcement.

ABA Retirement Funds is an Illinois not-for-profit corporation established more than 40 years ago by the American Bar Association to help the legal community with retirement planning and solutions.

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For more information about ABA Retirement Funds, contact Brad Blewett, associate executive director, at 312.988.5854 or BlewettB@staff.abanet.org

Deals & People November 2, 2009

Great-West Wins Jacksonville 457, 401(a) Plans

Great-West Retirement Services announced that the City of Jacksonville, Florida, has hired it as the city’s exclusive provider for its 457 deferred compensation retirement plan and its 401(a) defined contribution retirement plan.

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According to the announcement, the 457 plan currently serves more than 5,000 employees and has more than $141 million in assets. The 401(a) plan is a new savings option for the city’s employees. Great-West also has been retained to manage the plan’s custom stable value fund.

Millie Reeves, plan administrator for the City of Jacksonville, said Great-West “distinguished itself by demonstrating its ability to offer a variety of quality funds and services at a competitive price.”

Gregg Seller, senior vice president, Great-West Retirement Services, added that plan participants will “have access to lower-cost funds, a team of three dedicated service staff, and a variety of helpful education tools designed specifically for city employees.”

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