Agreement with Franklin Templeton will transfer remaining services for approximately 340 plans representing about 64,000 participants
WINNIPEG, Aug. 1, 2007 – Great-West Lifeco Inc. today announced that its U.S. subsidiary, Great-West Life & Annuity Insurance Company, has reached an agreement with Franklin Templeton Investments whereby Franklin Templeton will transition its 401(k) recordkeeping business to Great-West Life & Annuity.
Great-West Life & Annuity’s affiliate FASCore, LLC has been supporting Franklin Templeton’s recordkeeping business since 2006. Under the new agreement, Great-West Life & Annuity will assume additional servicing and custodial responsibilities for approximately 340 plans, representing about 64,000 participants.
“This agreement reinforces our position as one of the top retirement plan providers in the United States,” said Raymond L. McFeetors, President and Chief Executive Officer of Great-West Lifeco. “It demonstrates our commitment to the corporate retirement plan marketplace, where we’ve earned a reputation as an innovative and growing player.”
The transaction, expected to be completed in the fourth quarter of 2007, will be largely seamless to the transferring plans and their participants, who will have access to a broader array of products and services. No regulatory approval is required.
In addition to its 401(k) business, Great-West Life & Annuity provides a range of retirement products and services to the corporate, government, healthcare and education markets, and to institutional clients. It is the fourth-largest U.S. retirement plan recordkeeper based on total participants, according to a ranking by Spectrem Group in January 2007. In all, Great-West Life & Annuity provides 401(k), 401(a), 403(b) and 457 retirement plan services to 21,000 plans representing approximately 3.5 million participants and $104 billion USD in assets.
Products and services are provided by Great-West Life & Annuity Insurance Company, FASCore, LLC, and First Great-West Life & Annuity Insurance Company and their subsidiaries and affiliates. Insurance products and related services are sold in New York State by First Great-West Life & Annuity Insurance Company of White Plains, New York.
Great-West Life & Annuity Insurance Company, headquartered in metro-Denver, serves its customers through a full range of retirement savings products and services, annuities, life and disability insurance and health care plans. It is an indirect, wholly owned subsidiary of Great-West Lifeco Inc. and a member of the Power Financial Corporation group of companies.
Great-West Lifeco Inc. (TSX:GWO) is a financial services holding company with interests in the life insurance, health insurance, retirement savings and reinsurance businesses. Lifeco has operations in Canada, the United States and Europe through The Great-West Life Assurance Company, London Life Insurance Company, The Canada Life Assurance Company and Great-West Life & Annuity Insurance Company. Lifeco and its companies have more than $216 billion in assets under administration. Great-West Lifeco is a member of the Power Financial Corporation group of companies. www.greatwestlifeco.com.Tags: Capgemini, Efma, InsurTech, World Insurance Report