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Committee recommends CoreBridge as new 403(b)/457(b) retirement provider; board to vote in consent agenda
Summary
A cross-functional district committee recommended CoreBridge Financial as the vendor to replace existing 403(b) and 457(b) plan services; the board will consider the recommendation as part of the consent agenda vote.
A district committee recommended CoreBridge Financial as the new vendor to provide 403(b) and 457(b) retirement plans for Talbot County Public Schools staff, and the Board of Education will consider the recommendation as part of the consent agenda.
Missus Bridges, who served on the selection committee, summarized the multi-step selection process. The district issued a request for proposals, Bolton (benefit advisors) conducted initial vetting, and five firms met RFP requirements. After interviews the committee narrowed candidates and unanimously recommended CoreBridge, citing its K–12 experience, in-house recordkeeping and lower fees.
What the change means for employees: Committee members said that staff will be able to roll existing account balances into the new plan and that most current payroll deductions (about two-thirds) already go to CoreBridge-affiliated accounts. The district noted CoreBridge will cover exit fees for accounts that move into the new plan for a limited ramp period. Board members also heard that employees who keep balances at legacy providers will not be able to make new payroll contributions to those older plans after the transition and that some legacy plans may no longer allow loans.
Why it matters: The committee weighted customer service, pricing, investment lineups, recordkeeping and cybersecurity. Missus Bridges said the recommendation reflected those priorities and that CoreBridge had a “good website” and familiarity among staff. The board will vote on the recommendation as part of the consent agenda; no final change had been approved in the meeting.
Ending: Committee members offered to answer questions at the board meeting and noted that the board’s formal vote is expected in the upcoming consent agenda.
