Plan Record-Keeper Changing in November
MOSERS has completed the search for recordkeeping services for the State of Missouri Deferred Compensation Plan. The current contract with ING expires this year, and it is common practice to conduct a review of the current provider and perform a bid process. Following an extensive review of responses to our request for proposal, the decision has been made to transition Plan recordkeeping services to ICMA-RC (Retirement Corporation).
ICMA-RC has exclusively served the public sector since 1972, helping plan sponsors help their employees prepare for retirement. ICMA–RC is a U.S. based company providing recordkeeping services to over 4,800 public sector clients of all sizes, ranging from small cities and counties to state plans with over a billion dollars in assets. They represent more public sector clients than any other administrator in the marketplace today.
We are excited about the positive changes this transition will produce for Plan participants. Specific examples of what led to our decision include:
- Lower account fees – Participant fees will decrease from the current $48 to $35 per participant annually
- TD Ameritrade will be the new brokerage window provider, offering user-friendly navigation, improved search functions, and a lower stock trading fee of $9.99 (down from the current $14.95)
- New individual financial plan options
- More robust calculator options will be available
- Plan local field staff will remain intact
- Plan information website – www.modeferredcomp.org will remain the same
- Easier web account access and more timely forgotten password retrieval
The transition of the core plan from ING to ICMA-RC will take place in November 2011. The process will happen automatically, there will be no core investment option changes, and no action is required from the participant. Participants will receive complete details via mail, email and this website in the coming months.