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Insurer To Build 403(b) Prototype

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Great-West Retirement Services has told the Internal Revenue Service that it wants to sponsor a 403(b) prototype plan.

The IRS recently announced it was developing a 403(b) retirement plan prototype program, to help make it easier for schools, hospitals and other nonprofit employers sponsor the plans.

Great-West, Greenwood Village, Colo., has been an active participant in the 403(b) plan market. The company ended 2008 as a 403(b) plan services provider for 2,465 sponsors with a total of 340,000 plan participants.

Great-West is a unit of Great-West Life & Annuity Insurance Company, which is, in turn, a unit of Power Corp. of Canada, Montreal.