The Chicago Transit Authority Deferred Compensation Plan hired ICMA-RC to replace Great-West Retirement Services as administrator for its 457 and 401(k) retirement plans, according to a letter sent to CTA employees. The change was made to lower expenses, enhance investment options and provide better access to investment and retirement planning education, according to the letter, dated March 15. The plans have a combined $289 million in assets, said Robert Barkin, spokesman for ICMA-RC.
The 401(k) offers 19 investment options and the 457 plan, 25, according to the CTA's website. The managers are AIM, American Century, American Funds, Ariel, William Blair, Dodge & Cox, Federated Investors, Fidelity, Wayne Hummer, MFS, Neuberger Berman, PIMCO, Third Avenue Management, T. Rowe Price, Templeton, Vanguard and Van Kampen.
Neither CTA spokeswoman Noelle Gaffney nor Great-West spokesman William Harmon returned calls requesting comment by press time.