USCM Offers Revolutionary New Low-Cost Retirement Savings Program

      USCM Offers Revolutionary New Low-Cost Retirement Savings Program

PR Newswire

Oct. 8

WASHINGTON, D.C. – The United States Conference of Mayors (USCM) has selected
Great-West Retirement Services^® (Great-West) as its new provider of
administrative, recordkeeping and education services for the USCM Deferred
Compensation Program ("Program"). Currently, the USCM 457 plan comprises
almost 4,000 municipalities across the United States and over $6 billion in
assets. Beginning today, municipalities may enroll in the new 457 plan offered
through Great-West.

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"We selected Great-West based upon an extensive, qualitative review of
benefits, cost structures, product offerings, and supporting services in this
market," said Tom Cochran, CEO and Executive Director of The U.S. Conference
of Mayors. "We identified Great-West as the best-in-class service provider
capable of offering services that focus on benefitting our cities and their
employees."

Under the Program, with Great-West as USCM's service provider, employers and
employees will enjoy these benefits:

  oNO administrative fees for plans with more than $500,000 in total assets.
    More of the employees' dollars will go toward their retirement savings –
    not toward fees. In fact, it's estimated that an employee who participates
    in this program may save an additional $49,500 to $69,000 over the course
    of their 30-year enrollment in the program^1. 
  oEnhanced education services and communications materials for employees–
    including regularly scheduled face-to-face visits and online seminars for
    plans of all sizes
  oAn expanded lineup of quality investment options – including popular
    target date funds and an innovative new guaranteed lifetime withdrawal
    benefit
  o24/7 access to new account management tools through the Program's new
    website www.USCMRetire.org/ transition and an automated voice response
    system at 888-303-USCM

Gregg Seller, Senior Vice President of Government Markets for Great-West,
said, "We're delighted we were selected to provide a retirement savings
program for the United States Conference of Mayors. We're a leader in the
retirement plan marketplace, and we're confident that our comprehensive
platform and service focus will make a difference for the men and woman
working in America's cities. USCM member plans will have access to a team of
dedicated staff, a wide array of funds, behavioral-based tools, and advisory
services to improve their retirement readiness."

Many cities on the USCM Leadership team currently use Great-West: Baltimore;
Charleston and Columbia S.C.; Houston; Jacksonville, Fla.; Los Angeles; Mesa,
Ariz.; Newark, N.J.; Santa Ana, Calif.; and St. Louis. Great-West also is the
No. 1 provider of 457 plans to state governments^2 and the fourth-largest
retirement plan record keeper^3.

"We're dedicated to helping USCM members ensure they're retirement ready. We
offer valuable services such as our soon-to-be-released Retirement Income
Control Panel. With this new tool, members can see a what their monthly
retirement income may be based on their 457 program data as well as any
outside accounts they want to include. The Retirement Income Control Panel
uses sophisticated formulas from an independent financial expert to make the
calculation," said Brent Neese, Vice President of Government Markets for
Great-West.

Neese, who will be overseeing the transition, added, "We're also introducing a
plan report card. It provides details to USCM member plans about the
retirement readiness of their plan participants. It also offers tips for
improving their retirement readiness. We look forward sharing these and other
industry leading tools with USCM and its members so they can reach their
retirement savings goals."

More information on the USCM Program can be found
www.uscmretire.org/transition.

The U.S. Conference of Mayors is the official nonpartisan organization of
cities with populations of 30,000 or more. There are 1,295 such cities in the
country today, and each city is represented in the Conference by its chief
elected official, the mayor. Like us on Facebook at facebook.com/usmayors, or
follow us on Twitter at twitter.com/usmayors.

[1] These savings statistics assume a beginning balance of $20,000,
contributions of $100 every month, and an 8% annual rate of return with
reinvestment of all earning and no withdrawals. They exclude fund operating
expenses and other account fees, charges or expenses that may be associated
with the plan. If these fees had been deducted, the savings would be reduced.
0.00% asset fee is available to plans with over $500,000 in assets.
[2] Based on company and other third-party public data at year-end 2011.
[3]Pensions & Investments, April 2012, based on total participant accounts at
year-end 2011.3

Contact:
Lina Garcia
202-341-6113 (lgarcia@usmayors.org)
Elena Temple- Webb
202-286-1100 (etemple@usmayors.org)
Karen Hinton
703-798-3109 Karen@hintoncommunications.com)

/PRNewswire-USNewswire -- Oct. 8, 2012/

SOURCE The U.S. Conference of Mayors
 
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