By Cyril Tuohy
A series of news announcements by Great-West Financial finds the company making important gains in the retirement services marketplace, from renewing contracts with three large public markets to establishing new sales territories in the Mid-Atlantic states.
First, Great-West announced contract renewals with the states of Indiana, Wyoming and Louisiana to run retirement plans covering public employees in those states. The contract with Indiana is for four years and covers that state’s 457 and 401(a) plans, which cover 40,500 people and held $918 million in assets at the end of March.
The contract with Wyoming is to manage the state’s 457 plan with nearly 17,270 participants for five years. Total plan assets were more than $450 million at the end of March. The contract to run the Louisiana State Employees Retirement System’s 401(a) plans is also for five years. The plans had more than $400 million in assets at the end of 2012.
“Public employees need savings strategies that take them to and through retirement,” Brent Neese, vice president of government markets for Great-West Financial, said in a news release. “We’re committed to helping them reach this goal and are thrilled that they’ve selected Great-West Financial to continue as their retirement partner.”
Along with the renewals, Great-West Financial also announced the appointment of Kevin Miller as regional sales director for the newly established territories of southern New Jersey and Delaware.
Miller, a former executive with Transamerica and Prudential, will work with brokers, financial advisors, consultants, wire houses and third-party administrators (TPAs) to distribute Great-West Financial 401(k) plans throughout the region, the company said.
Miller, holder of FINRA Series 7 and 63 licenses and the Accredited Investment Fiduciary, Accredited Retirement Plan Consultant and Chartered Life Underwriter designations, is expected to be “an immediate asset to intermediaries” Bill Harmon, senior vice president of 401(k) corporate markets for Great-West, said.
Another life insurance professional, Henry Giano, was appointed regional sales director for markets in northern and central California and northern Nevada, Harmon also said. Giano, too, will help brokers, advisors, consultants, wire houses and TPAs distribute 401(k) plans to clients. Giano was previously at Nationwide Financial and at AIG SunAmerica.
All three announcements were made during the past two weeks.
Cyril Tuohy is a writer based in Pennsylvania. He has covered the financial services industry for more than 15 years. He can be reached at [email protected].
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