Dear City Schools Team,
We are very excited to announce a new supplemental retirement savings provider - one that we feel represents a significant upgrade in financial planning options for City Schools employees. Historically, many educational institutions nationally have offered retirement plans characterized by higher fees and limited flexibility. Working closely with our union partners, City Schools is proud to be part of a growing effort to bring more competitive, lower cost employee-centered benefits to the PK-12 workforce.
Following an extensive competitive review of a wide range of existing and new investment platforms, we are very pleased to introduce a new provider for our 403(b) and 457(b) retirement plans from Corebridge Financial. This investment platform was chosen because it dramatically reduces fees and improves long-term financial outcomes for our team.
What this means for you:
Significantly reduced fees: Many employees may see fees reduced by more than 90%, allowing you to keep more of your investment returns over time.
No surrender fees: Corebridge will cover the costs associated with transferring funds, making it easier and more affordable to take advantage of these improvements.
Expanded investment options: A broader range of high-quality choices to better meet your individual goals.
Stronger, more personalized support: Advisors are salaried—not commission-based—so guidance is centered on your needs.
Simpler, more streamlined experience: Moving to a single provider means clearer communication and easier account management.
Please Note: you may hear from your current provider. It’s important to remember that they have a vested interest in retaining your business. While you are free to keep your past contributions with your current plan, we encourage you to review all information carefully and take advantage of the support and resources that will be available through City Schools and Corebridge. This offering reflects extensive research and collaboration, and we are confident that its benefits outweigh any previous plans in the City Schools supplemental retirement savings program.
What’s next:
The new Corebridge plan will begin accepting contributions this fall.
You will have the option to move your existing account balances to the Corebridge platform or keep them with your current provider; however, after the switch to Corebridge is complete, no future paycheck contributions can be sent to legacy providers.
In the coming weeks, we will share additional details, including FAQs, group information sessions, and opportunities for one-on-one support. We strongly encourage you to take advantage of all these opportunities to ensure you make informed decisions about this important financial choice.
City Schools’ selection of Corebridge as our supplemental retirement provider is a meaningful improvement designed to strengthen your long-term financial wellness. We are extremely proud to provide this enhanced benefit to our team.
Thank you for everything you do for our schools and students every day!