New record keeper for Plan 3

Posted 23-Mar-2015

At the Department of Retirement Systems (DRS), your needs come first. As a result, we have some changes coming Oct. 1, 2015. We are pleased to announce Empower Retirement, formerly Great-West Financial retirement services, will be the record keeper for PERS, TRS and SERS Plan 3 retirement systems and the Deferred Compensation Program (DCP). The Plan 3 and DCP information you need will be part of a single website, making it faster and easier for you to access your account and investment resources in one place.

What does this mean for me?

Your investment options will remain unchanged. You can still log in to your online retirement account on the DRS website, or via the ICMA-RC website until Oct. 1. Empower Retirement will be the new record keeper for Plan 3. DCP is currently already using Empower Retirement services. During the transition, Plan 3 members can expect the same great investment security and service to continue with ICMA-RC.

What do I need to do?

Right now there are no actions required on your part. The transition from ICMA-RC to Empower Retirement record-keeping will be effective Oct. 1, 2015, and DRS will keep you informed every step of the way.

Why are these changes happening?

Our contract with ICMA-RC expires this fall and it is part of our regular record keeper cycle to evaluate how we can best serve your needs. Last year we issued a Request for Proposals and conducted extensive evaluations of interested companies. The process included written proposals, interviews and visits to individual companies. Based on our review, we selected Empower Retirement to serve as a single record keeper for both Plan 3 and DCP.

Now through October, we’ll keep you informed with regular updates as the transition progresses.