ICMA-RC Chosen to Administer Camino Real Community 58彩票网 Retirement Plans
October 28, 2019
Camino Real Community 58彩票网, 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.”