Great-West Retirement Services
Individual Markets
Great-West Retirement Services®
Great-West Retirement Services is a leader in providing retirement products and services to corporate 401(k) and institutional clients, as well as government, healthcare and education customers in the public/nonprofit markets. Great-West’s recordkeeping subsidiary, FASCore, LLC, serves more than 3.7 million participant accounts, including those of institutional partners and TPA clients as well as Great-West Retirement Services — making Great-West the fourth largest defined contribution recordkeeper by total participants in 2008, according to Spectrem Group.
Retirement plan sponsors and participants benefit from Great-West Retirement Services' solid track record of customer retention, continually improving online services, and expanding marketing and educational programs. In addition, Advised Assets Group, LLC, a subsidiary of Great-West and federally registered investment adviser, provides objective investment information, guidance, advice, and managed accounts for defined contribution plan sponsors and participants.
FASCore's commitment to providing the best combination of technology, service, and cost has contributed to the growing list of Institutional Markets customers who use our recordkeeping and administrative services on an outsourced basis in conjunction with their retirement savings products.
Great-West Retirement Services' Government Markets group serves 1.5 million participants in its 457 and 401(k) plans for state and local government employees. It ranks first in state government plans and second in the overall government market based on the number of participants, according to a Spectrem Group survey.
Serving nearly 900,000 participant accounts, the Corporate 401(k) Markets group offers plan sponsors and participants leading-edge Web services, online enrollment, and a wide and diverse array of investment options, including index funds, asset allocation funds, and an optional self-directed brokerage account.
The Bank Services Group, established in 2007, constitutes a unique distribution and service channel within Great-West Retirement Services for our 401(k) products.
The Healthcare Markets group offers flexible, cost-effective retirement savings that give our hospital clients an edge in recruiting and retaining qualified staff.
| Products and Services |
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Retirement plans for public, private and nonprofit employers |
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Enrollment services, communication materials, investment options, and education services to employer-sponsored defined contribution plans |
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Comprehensive administrative and recordkeeping services for financial institutions and employer-sponsored defined contribution plans and associated defined benefit plans
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Investment management products and services for both variable and fixed fund investment options |
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| Distribution Systems |
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Defined contribution services are distributed by Great-West and its affiliates and a network of independent agencies |
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Over 430 regional sales directors, representatives and service personnel serve the retirement market |
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FASCore provides its recordkeeping and administrative services directly to financial institutions and custom plans |
Individual Markets
The Individual Markets group provides life insurance and annuity products to a broad market, ranging from middle-income Americans to corporate executives.
Through the Financial Institutions Markets group, we're one of a few U.S. companies that sell life insurance to middle-income Americans through financial institution partners. Our four distribution channels — direct mail, phone, Internet, and insurance-licensed representatives at branches — allow customers to purchase products in the manner they prefer. In 2008, Great-West was the largest underwriter by premium of term life insurance sold through banks in the United States, according to industry group Kehrer-LIMRA.
The Executive Benefits Markets group provides products for specialized business needs through independent benefits consulting organizations, Great-West Retirement Services, and other financial services organizations. Our relationships with benefits consulting organizations allow us to provide creative product and service solutions that benefit our customers as well as the agents serving this market. We also provide a one-year term product for those clients who have a short-term need or the necessity of a death benefit. (Please contact keybizdirect@gwl.com for more detailed information or to apply for the one-year term product.)
We continue to expand the products and services we offer our customers in several markets, including bank-owned life insurance, corporate-owned life insurance, and executive benefits financing.
We also partner with Great-West Retirement Services’ Bank Services Group and corporate 401(k) group to market a nonqualified deferred compensation (NQDC) product to highly compensated employees of small to mid-sized companies.
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| Products and Services |
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Customized individual life insurance and annuity products |
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Business-owned life insurance products |
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| Distribution Systems |
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Customized individual life insurance and annuity products are distributed through financial institutions such as banks and discount brokers |
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Business-owned life insurance products are distributed by Great-West and through independent specialized benefits consultants |
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All figures approximate as of Dec. 31, 2008.
Great-West Retirement Services® refers to products and services provided by Great-West Life & Annuity Insurance Company, FASCore, LLC, First Great-West Life & Annuity Insurance Company, White Plains, New York, and their subsidiaries and affiliates. Great-West Life & Annuity Insurance Company is not licensed to conduct business in New York. Insurance products and related services are sold in New York by its subsidiary, First Great-West Life & Annuity Insurance Company. Other products and services may be sold in New York by FASCore, LLC.
Securities, when offered, are offered through GWFS Equities, Inc., a wholly owned subsidiary of Great-West Life & Annuity Insurance Company. Investment options may be through mutual funds and/or a group fixed and variable deferred annuity issued by Great-West Life & Annuity Insurance Company or First Great-West Life & Annuity Insurance Company. For more information about available investment options, including fees and expenses, you may obtain applicable prospectuses and/or disclosure documents from GWFS Equities, Inc. Read them carefully before investing. Securities available through self-directed brokerage accounts are offered through Ameritrade Corporate Services or Charles Schwab & Co., Inc.
Managed account, guidance and advice services are offered by Advised Assets Group, LLC. Representatives of GWFS Equities, Inc. are not registered investment advisers and cannot offer financial, legal or tax advice. Please consult with your financial planner, attorney and/or tax adviser as needed.
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