Va. School District Selects Great-West as 403(b), 457 Provider

Great-West Retirement Services announced that Fairfax County Public Schools (FCPS) in Virginia has hired it as one of the school system’s three 403(b) plan providers, serving 6,000 employees.

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 December 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.

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 assets as of December 31.