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ICMA-RC celebrates 20 years of service.

The ICMA Retirement Corporation (RC) turned 20 years old in May, celebrating its role as the only public sector-created sponsor of retirement plans designed solely for public sector employees. The National League of Cities was a founding sponsoring organization of the Retirement Corporation in 1972.

Speaking at RC's 20th Anniversary Celebration and Reception at Loew's L'Enfant Plaza Hotel, President and Chief Executive Officer Robert E. Hancox told 250 RC associates that "RC is poised to meet the growing retirement needs of public sector employers today and well into the next century."

Throughout the program, RC leaders talked about the company's growth from a simple idea to meet th need of city managers for a portable retirement benefit to one of the nation's 200 largest pension fund sponsors.

Today, RC plans provide retirement services to over 4,000 active employer accounts and over 160,000 active employee accounts, with more than $2.5 billion under management. At its origin in 1972, RC had one employer and one participant.

The celebration was also the forum to introduce RC's newest initiative, its Investment Services product that allows employers to take advantage of RC's money management expertise "unbundled" from the company's other retirement administration services. Investment Services is primarily designed for public sector defined benefit plans, where investment decisions are made by the employer (plan sponsor) rather than by the plan's participants.

Hancox also told RC associates to prepare for other changes that will improve the corporation's efficiency, enhance productivity and allow RC to meet the needs of RC clients. "This is not change for change sake," Hancox said. "RC is ready to move ahead with a high degree of energy and meet the challenges presented by our clients."

RC was founded by a group of local government employees who recognized that existing retirement plans did not address the special needs of public employees. Most notably, employees could not move their retirement benefits when they changed jobs. With assistance from the International City/County Management Association and a grant from the Ford Foundation, RC became the first organization to offer public employees nationally available, deferred compensation retirement plans that met this special need. In 1983, the Retirement Trust was established. It allowed participating employers, through Trustees, to take an active role in the management of their deferred compensation plans. Hancox thanked the trustees, board of directors, and sponsoring organizations, including the NLC, for the ongoing support of RC.

Throughout its history, RC has been at the forefront in providing public sector employees with innovative retirement products and services, including a no-annual-fee VISA card; a plan for part-time, seasonal and temporary employees; Advantage, a compensation plan designed for recruitment and retention; and the new Investment Services product.
COPYRIGHT 1992 National League of Cities
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Title Annotation:ICMA Retirement Corp.
Publication:Nation's Cities Weekly
Date:Jun 15, 1992
Words:452
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