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Benefits April 21, 2010
Washington State Announces Recordkeepers for Retirement Programs
April 21, 2010 (PLANSPONSOR.com) - The Washington State Department of Retirement Systems (DRS) has announced the selection of recordkeepers for two of its retirement programs.
Reported by Rebecca Moore
ICMA Retirement Corporation (ICMA-RC) will be recordkeeper for the state’s Plan 3 and Great-West Retirement Services will be recordkeeper for the state’s Deferred Compensation Program (DCP), effective July 1, 2010.
Nearly 166,000 active, inactive and retired public employees are enrolled in Plan 3, a hybrid defined benefit plan that includes a benefit dependent on the member’s contributions and investment earnings. More than 53,000 people are enrolled in DCP, the state’s 457 supplemental savings plan for public employees.
The Washington State Department of Retirement Systems administers eight different retirement systems, covering nearly 500,000 working and retired public employees and paying out more than $2.6 billion annually in retirement benefits.