Great-West Rolls Out Plans for Smaller Nonprofits

Advisers eyeing small and midmarket nonprofits have a new option with Great-West Financial’s Premier and Custom Key 403(b) offerings.

The plans can be serviced by the same teams that service an adviser’s 401(k) plans, with the same recordkeeping systems. Retirement readiness tools for participants include communication and participation materials, and a Retirement Income Control Panel through Advised Assets Group LLC, a registered investment adviser. Plan sponsors can receive a Retirement Readiness Report Card. A re-enrollment strategy into a qualified default investment alternative (QDIA) is available.

More than 200 investment options are included. Options in target-date funds (TDFs) include multifund families and a number of glide paths. Other fund features are variable investments, fund performance reviews and sample investment policy statements.

The smaller end of the market was short on quality 403(b) offerings, according to Bill Harmon, senior vice president of 401(k) corporate markets at Great-West Financial. “We worked closely with our advisers, discussing and brainstorming how we can help Americans attain a bright financial future,” Harmon said. The Premier and Custom Key 403(b) products will be popular, he feels.

“I’m familiar with quite a few smaller and midsize nonprofit organizations—for example, clinics, libraries and museums—that want to offer their employees an affordable, quality retirement savings plan,” said Marte Werner, co-founder of NWK Group Inc., a registered investment adviser firm based in San Francisco. “Great-West Financial’s new 403(b) products are a perfect fit,” Werner said.

More information about the Great-West Financial Premier Key and Custom Key 403(b)s is available through a download.