What are the benefits of having a Great-West retirement plan?


Quick Answer

Benefits of having Great-West retirement include employer-sponsored retirement plans that offer group amenities, access to 162 bonus plans with executive benefits and access to nonqualified deferred compensation plans when necessary. Great-West Financial partners with Empower Retirement to provide retirement solutions to clients, according to the company website.

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Full Answer

Empower Retirement provides retirement solutions that allow for up to 100 percent income replacement, such as the workplace savings account. With an employer-sponsored plan, clients and their employers have access to account results, data and capabilities. Empower also utilizes plan analytics to continually improve the outcome of client investments and make sure the client is in the correct plan for his needs. Clients also have access to an interactive home page for their accounts, where they are able to calculate financial decisions ahead of time and see the projected results of their decisions before making them official, explains Empower Retirement.

With 162 bonus plans, Great-West Financial provides executive benefits to clients who choose more than one plan in the Executive Benefits Solution Group. Clients who choose this option receive the support and financial planning of a group of professionals assigned to their accounts. Clients who choose an Empower Retirement IRA have access to over 100 funds, including ones targeted to a retirement date. Empower provides clients with an online prospectus of its retirement options, notes its website.

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