Broomfield, Colo., hired Great-West Retirement Services as the record keeper for its approximately $85 million 401(a) money purchase plans, said Suzanne Smith, director of human resources for Broomfield.
Great-West replaces Wells Fargo Institutional Retirement and Trust as record keeper.
Broomfield went with Great-West because it offered lower fees, had “better exposure on the non-ERISA side,” has a robust website and has its headquarters in Colorado, Ms. Smith said.
The changes went into effect in July.
The plan for peace officers and the plan for general employees have 17 and 14 investment options, respectively.