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ICMA-RC Enters 403(b) Market, Bringing Participant-Centered Approach and Low Costs

January 16, 2019

For almost half a century, ICMA-RC has helped public sector employers and employees in the 401(a) and 457 defined contribution plan market navigate the ever-changing dynamics of retirement planning. Now, ICMA-RC is bringing its expertise, participant-centered philosophy, efficient plan design and low costs to employees in public sector 403(b) plan markets.

"Our success in the public sector retirement plan market reflects our ability to adapt and respond strategically and competitively to changes in the marketplace. We bring that same experience, expertise, and agility to the 403(b) plan market, confident in our ability to deliver plans that offer a superior plan sponsor and participant experience," says ICMA-RC President and CEO, Bob Schultze.

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 how their 403(b) plan works to complement other retirement savings programs (pension, 457 plans, etc.), as well as providing personalized assistance with asset allocations. With a focus on providing value combined with low fees, ICMA-RC's overall plan costs in some cases may be more than 33 percent 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," said 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, please contact Scott Vensor, Vice President, 403(b) National Practice Leader at (888) 803-2725.

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