Gazette: Montgomery school employee retirement plans undergo changes

http://www.gazette.net/article/20141001/NEWS/141009792/1009&template=gazette

...Several speakers, including leaders of two providers the school system currently uses, testified against the changes before the board’s vote.
One such leader, Ed Forst, president and chief executive officer of Lincoln Investment, said that using a single provider for a 403(b) plan is not common.
“You’re basically ready to move into uncharted territory,” he said.
DeGraba said that moving to a single provider 403(b) plan is new among kindergarten through 12th grade education systems, but “very common” in higher education.
Forst also said that moving from multiple providers to a single provider could lower plan participation among school employees.
Tom Hendershot, president and CEO of the Hendershot Financial Group — one of the current nine vendors — also opposed the move to a single provider.
The change will sever “long-term financial relationships,” he said.