In 2018, the Anchorage School District (ASD) renegotiated and renewed the contract with their 403(b) plan service provider. This seemingly routine act of business marked a significant milestone in a decade-long success story of helping participants build retirement readiness and providing one of the lowest cost, highest quality defined contribution plans of any school district not only in Alaska, but the entire country.
Ten years prior, following the 2009 403(b) plan regulation changes, ASD made the decision to consolidate their more than forty vendors to a single provider. The District found that the use of multiple vendors was confusing for participants as well as an administrative challenge for staff. When communicating with participants, staff had to focus more on answering countless questions on the differences between plans rather than educating participants on core topics like saving more, asset allocation, account management, and distribution options. “The District’s vision at that time was that an ongoing collaboration with a single partner would ultimately lead to a better Plan, and that vision continues to be realized,” ASD shared in their 2019 NAGDCA Leadership Award nomination.