Lincoln Financial Group Selected As 457(B) Plan Provider For Washington Metropolitan Area Transit Authority
Radnor, PA, April 2, 2014 — Lincoln Financial Group's (NYSE:LNC) Retirement Plan Services business today announced it has been selected by Washington Metropolitan Area Transit Authority (Metro) as the provider for its employer-sponsored 457(b) plan program. Metro has more than 6,200 plan participants with more than $385 million in plan assets.
Metro is the regional transportation system in our nation's capital and serves a population of approximately 3.4 million people within a 1,500 square mile jurisdiction.
"We are honored that Washington Metro Transit chose Lincoln as its 457(b) plan partner," said Chuck Cornelio, President, Retirement Plan Services, Lincoln Financial Group. "We fully support plan sponsors' efforts to help participants get to and through retirement with confidence. Lincoln is committed to boosting retirement readiness across all markets and this significant win demonstrates our proactive expansion into the government sector."
Lincoln Financial's offering to Metro includes participant education resources designed to proactively help serve its mobile workforce. The offering includes custom communications, solutions, services, and one-on-one education support delivered online, by phone and in person through Lincoln Retirement Consultants.
The Washington Metropolitan Area Transit Authority, known as Metro, provides rail, bus and paratransit service to a 1,500-square mile area that includes Washington, DC, and surrounding jurisdictions in Maryland and Virginia. The 106-mile Metrorail system is the second busiest in the United States, with 218 million annual trips, including more than 700,000 trips on a typical weekday. Metrobus is the sixth largest bus system in the nation, providing 132 million annual trips on 318 routes. MetroAccess provides paratransit service for more than 7,000 riders on a typical weekday.
Metro is essential to mobility, business development, regional connectivity and tourism in the Washington, DC, area. The system is midway through a massive six year, $6 billion rebuilding program, called MetroForward, to improve the system's safety and reliability, and is laying the groundwork for its long-term strategic plan, called Momentum, which will allow the Authority to provide expanded service for future growth in the region.
About Lincoln Financial Group's Retirement Plan Services
For more than 60 years, Lincoln Financial's Retirement Plan Services (RPS) business has been helping savers boost their retirement readiness through employer-sponsored plans. Our distribution force of more than 400 professionals, including institutional and wholesale distribution channels and advisor-based sales teams, work to provide plan sponsors with retirement plans that not only meet the unique needs of their plan participants but also align with sponsors' total rewards strategies and help recruit and retain top talent. RPS Retirement Consultants, available onsite, online and by phone, develop long-term one-on-one relationships with savers to help motivate them to take actions that lead to better retirement outcomes. RPS offers personalized services, solutions and education to help plan participants get to and through retirement. The business serves approximately 1.4 million participants through 22,000 plan sponsors with $52 billion in assets under management as of December 31, 2013.
About Lincoln Financial Group
Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. With headquarters in the Philadelphia region, the companies of Lincoln Financial Group had assets under management of $207 billion as of December 31, 2013. Through its affiliated companies, Lincoln Financial Group offers: annuities; life, group life, disability and dental insurance; employer-sponsored retirement plans; savings plans; and comprehensive financial planning and advisory services. For more information, including a copy of our most recent SEC reports containing our balance sheets, please visit www.LincolnFinancial.com.