Kansas City (Kan.) Public Schools hired VALIC as sole bundled provider for the schools’ 403(b) and 457(b) plans, with a combined $15 million in assets, confirmed Connie Brand, director of finance for the school district.
The school district had used 15 providers, including VALIC. “We wanted to simplify things for our employees,” Ms. Brand said in an interview. “Some employees couldn’t figure out which one to go with. Now, we give them one-stop shopping.”
The school district had issued an RFP in November inviting the previous providers as well as others to make bids.
The 403(b) plan had $14 million in assets and the 457(b) plan had $1 million in assets as of Jan. 1, the most recent data available, said Caroline Grossman, a spokeswoman for VALIC, in an e-mail response to questions. Each plan has the same 26 investment options, she said.
