The City of Wichita's Pension Management Office (PMO) has selected Intrust Bank to provide its deferred compensation plan with administration, recordkeeping and education services, as well as investment products.
Kansas-based Intrust was selected to provide services to the deferred compensation plan from a shortlist of six, according to Toni Wenger, assistant pension manager at the PMO. She added that Intrust’s contract will run for one full year, with four one year renewal options.
The City of Wichita's PMO is also responsible for the Wichita Retirement Systems, consisting of the Wichita Employees' Retirement System (WERS) and the Police & Fire Retirement System of Wichita (PFRS). The WERS is composed of two defined benefit (DB) and a defined contribution (DC) scheme, whilst the PFRS is made up of three DB funds.
By Geoffrey Ho
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