Washington, D.C.-based nonprofit financial services corporation ICMA-RC has been chosen by the city to be its sole recordkeeper for its 457 deferred compensation and 401(a) defined contribution pension plans.
According to the agreement, ICMA-RC will administer more than $1.3 billion in assets in the 457 and 401(a) plans for the District of Columbia.
It will provide services, client support and financial education to approximately 40,000 employees.
The firm currently provides retirement plans and related services for more than 1 million public sector participant accounts and more than 9,000 retirement plans.
It says its retirement programs, administrative services and educational tools have been developed specifically for the public sector.
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