GMA offers defined contribution and deferred compensation plans to the membership at virtually no cost to the employer. Established in 2001, the GMA Defined Contribution and Deferred Compensation (DC/DC) program provides competitive pricing, a commitment to field representation and broad and competitive investment options. The program has a combined membership of nearly 140 local government entities, nearly 4,600 participants and approximately $59 million in assets.
GMA 457(b) Deferred Compensation Plan
The deferred compensation plan is designed to allow municipal employees to voluntarily supplement their retirement savings through the deferral of income on a before-tax basis. The GMA deferred compensation plan has nearly 150 members representing nearly 3,000 participants and approximately $38 million in assets.
GMA 401(a) Defined Contribution Plan
The defined contribution plan allows employers to contribute on behalf of their employees and/or match contributions employees make to their deferred compensation accounts. The GMA defined contribution plan has 41 members representing 1,800 participants and $21 million in assets.
GMA has partnered with MetLife Resources to serve as the service manager of the program
Field Representation and Service
The GMA program provides field representation to each member, no matter how small or large the employer. A Financial Services Representative (FSR) is assigned to each member and is committed to meeting with each participant at least once per year. In addition, the FSR is also available to present learning workshops at group meetings and to conduct retirement distribution counseling.
GMA offers a well-diversified investment program consisting of 34 funds spread over 20 asset classes. The funds offered consist of 32 mutual funds (including target date retirement funds and several specialty funds such as health, realty, etc.), and also include a money market fund and a stable value fund. These funds are reviewed on a regular basis by the GMA DC/DC Board of Trustees.
The GMA DC/DC program offers competitive pricing which allows the participant to keep more of his/her money. The administrative fees are deducted from the participant's account balance and are not paid by the employer.
To join the GMA 457(b) Deferred Compensation Plan or the GMA 401(a) Defined Contribution Plan, the eligible member must adopt a resolution/ordinance and an adoption agreement.