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Great-West Pursues Smaller Retirement Plans

By Staff Writer

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NU Online News Service, April 21, 2003, 5:15 p.m. EDT – Great-West Life & Annuity Insurance Company, Greenwood Village, Colo., reports that it is expanding its corporate retirement services operation.

Traditionally, Great-West has focused on selling large retirement plans to government employers and nonprofit employers.

But Great-West, a unit of the Power Corporation of America, Montreal, reports that it has added more regional pension consultants and client relationship managers to serve the corporate market.

The company has also set up a three-tier 401(k) plan services system.

Great-West will offer a menu of 20 investment funds to employers with at least five plan participants; 60 investment funds and a self-directed brokerage account option for employers with 25 participants and $3 million in plan assets; and 800 investment funds, a self-directed brokerage account option and customized educational materials and programs for employers with 50 participants and $10 million in plan assets.