ICMA-RC Chosen to Administer Camino Real Community Services Retirement Plans
Transition from an annuity-only to open architecture platform will provide participants with greater choice and cost efficiency
Washington, D.C., Oct. 28, 2019 (GLOBE NEWSWIRE) -- Camino Real Community Services, a Texas-based nonprofit providing mental health, behavioral health, intellectual disability and early childhood developmental services, has hired ICMA-RC to provide recordkeeping and administration for its 401(a) and 403(b) retirement plans, which combined, hold approximately $19.5 million in assets under management.
The plans, which serves approximately 640 active and retired participants, will be transitioning from an all-annuity structure to an open-architecture platform managed by ICMA-RC in November of this year. To help participants plan for the transition and understand their investment options, ICMA-RC will be holding 11 group meetings in October at various locations throughout the counties where Camino Real provides services. Representatives will be back in December for additional one-on-one participant meetings.
Emma C. Garcia, Camino Real’s Executive Director, says that she was impressed by ICMA-RC’s focus on providing retirement security for the public sector. "I have spent my entire career working with people who selflessly do their best for individuals with physical and mental disabilities. Our staff deserves the peace of mind that comes from knowing they can retire with adequate resources and dignity," she says. "ICMA-RC’s commitment to serving those who serve resonates strongly with our organization."
ICMA-RC will make available to participants an open-architecture platform with an array of investment options from some of the nation’s most respected asset managers. These investments typically have lower fees than variable annuities. High fees can limit plan participants’ ability to accumulate assets for retirement.
"We look forward to working with Camino Real employees and retirees, offering a comprehensive array of well-managed funds at competitive fees through their plan," said Scott Vensor, ICMA-RC Vice President and Education and Healthcare National Practice Leader. "ICMA-RC is not in the business of cross marketing other unrelated products or services to retirement plan participants. We’re here to help public employees retire successfully, and we are excited to bring that focus to Camino Real."
About Camino Real Community Services
Camino Real Community Services is a non-profit organization providing mental health, behavioral health intellectual disability and early childhood developmental services to several counties in South Texas.
About ICMA-RC
Founded in 1972, ICMA-RC is a non-profit, independent financial services corporation that, with its wholly owned subsidiaries, has approximately $57 billion in assets under management and administration (as of September 30, 2019). ICMA-RC is focused on providing retirement plans and related services for over a million public sector retirement accounts. ICMA-RC’s mission is to help public sector employees build retirement security. The organization’s mission is delivered through its RealizeRetirement® approach in which ICMA-RC representatives actively engage participants in their retirement programs, help them build their asset base, and help them realize their retirement goals through a comprehensive retirement planning strategy. For more information, visit www.icmarc.org, download ICMA-RC's mobile app from the App Store® and Google PlayTM or follow ICMA-RC on Facebook, LinkedIn, and Twitter.
Aprile Pritchet ICMA-RC 202-962-8067 apritchet@icmarc.org
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