Symetra Launches 403(b) Savings for Schools Initiative

As part of Savings for Schools, Symetra is enhancing 403(b) product development and expanding distribution to provide more education and outreach directly to school districts nationwide. The company has put together a team of 403(b) experts to offer plan design and compliance coaching for participating districts.

Savings for Schools also features a new Web site, www.symetra.com/savingsforschools, where districts can access a variety of online resources designed to help guide them through the 403(b) planning process. The Web site's ABCs of 403(b)s section includes valuable information on navigating new regulations, Frequently-Asked Questions with answers to some of the most common participant inquiries, tips for streamlining plan administration and other useful plan content.

Savings for Schools comes as districts face significant challenges in offering retirement benefits. A prolonged economic recession and dwindling budgets are squeezing district benefit programs. Districts are under enormous pressure to comply with confusing new 403(b) rules and deadlines, yet to date have received little guidance on how to meet these guidelines from regulators. In addition, increasing numbers of retirement plan providers that previously handled 403(b) accounts are walking away from the market. This leaves teachers and educators with fewer retirement savings options at a critical time.

"We are intently focused on helping America's teachers and educators achieve the retirement they deserve," said Al Close, senior vice president of General Agency and Advisor distribution at Symetra. "Savings for Schools reflects our long-standing commitment to making a positive difference in public education and builds on our proud legacy in the 403(b) market."

Symetra has over 30 years experience serving the education retirement market, and manages 403(b) and tax-sheltered account plans on behalf of schools across the country. The company helped found the National Tax Sheltered Accounts Association, the nation's only independent, non-profit association dedicated to the 403(b) marketplace. As a champion of public education, Symetra supports numerous community and volunteer projects in support of schools. The Symetra Heroes in the Classroom program recognizes outstanding public school teachers throughout the National Football League season in partnership with the Seattle Seahawks. Symetra is also a proud supporter of Northwest Dollars for Scholars, a non-profit organization that promotes higher education scholarship opportunities among students.

About Symetra Financial

Symetra Financial Corp. and its subsidiaries provide employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions and independent agents and advisors. Headquartered in Bellevue, Wash., Symetra and its subsidiaries have approximately $19 billion in assets.(1) Symetra is owned by an investor group led by White Mountains Insurance Group, Ltd. and Berkshire Hathaway Inc.

For more information, visit www.symetra.com.

(1) Total GAAP assets and combined liabilities and stockholders' equity at Dec. 31, 2008. AORP75-0409

SOURCE: Symetra Financial

Symetra Financial 
Colin Johnson, 425-256-5049 
colin.johnson@symetra.com