For Immediate Release
September 20, 2005
Shelly Schueller, Deferred Compensation Director, (608) 266-6611
Department Announces New Wisconsin Deferred Compensation
MADISON, (Wis.) – Eric Stanchfield, Secretary of the Wisconsin
Department of Employee Trust Funds (ETF), announced that after a
competitive bid process, the State of Wisconsin Deferred Compensation
Board recently selected Great-West Retirement ServicesSM to administer
the Wisconsin Deferred Compensation (WDC) Program, beginning December
1, 2005. Great-West Retirement Services will take over administration
of the program from the current administrator, Nationwide Retirement
“Great-West Retirement Services, the Department of Employee
Trust Funds, and the Deferred Compensation Board are committed to
ensuring that the WDC continues providing participants with quality
service at a reasonable cost,” Stanchfield said.
Because of the conversion to the new administrator, there will
be a “quiet period” during which no allocation changes
or investment fund transfers can occur. During the quiet period,
payroll deferrals (investment contributions) will continue to be
allocated to investment options selected by WDC participants.
While there may be some minor changes that result with the conversion
to a new administrator (e.g., new printed materials, phone numbers,
and individual passwords), Stanchfield assures participants and
employers that the overall WDC Program will remain the same or improve.
The WDC Program will continue to provide:
- The same diverse investment options currently offered;
- Representatives dedicated exclusively to WDC Program participants
and a permanent office in Madison;
- Toll-free access to account information 24 hours a day and live
customer service contact from 7 a.m. to 7 p.m., Monday through
- A fully interactive Internet site, www.wdc457.org, designed
exclusively for WDC participants.
Additional background information:
- The WDC is a voluntary supplemental retirement savings program
for all active state, university, local government and school
district employees. It was established in 1982 and has been available
since 1985 as an optional benefit for local government and school
- Over 700 local government and school district employers (from
approx. 1,000 eligible) have elected to offer the WDC to their
- Over 42,000 employees participate in the WDC. There are 27,021
state employees participating and 15,092 local and school district
participants, as of December 31, 2004.
- The WDC offers 18 investment options in the core spectrum. Participants
also have more than 2,000 mutual fund choices available through
the Schwab Personal Choice Retirement Account (PCRA), a self-directed
brokerage option added to the WDC in 2000. Participants may have
an account with one or more of the available options.
- Great-West Retirement Services is a leading provider of governmental
employer-sponsored retirement programs that focuses on providing
high-quality retirement plan services to employers and their employees.
It is headquartered in Colorado, with a fully staffed customer
support call center located in Glendale, Wisconsin, and 10 representatives
dedicated exclusively to serving the WDC Program throughout Wisconsin.