Baltimore City Public Schools has chosen Corebridge Financial as the exclusive provider for its supplemental retirement savings plans, consolidating from 12 providers to reduce fees for its workforce.

The consolidation affects the school system's 403(b) and 457(b) retirement plans, covering approximately 10,000 participants and overseeing roughly $500 million in plan assets, according to a press release from Corebridge Financial (NYSE: CRBG).

"Our plan consolidation with Corebridge represents an important evolution of our retirement benefits program, providing our educators and staff with greater financial clarity, retirement security, and confidence in their future," said Christopher J. Doherty, Chief Financial Officer at Baltimore City Public Schools.

Corebridge had previously worked with the school system for four decades as one of multiple providers. The company emerged as the selected provider following what the school district described as an extensive competitive review process.

The new arrangement offers participants lower fees, no surrender fees, expanded investment options, and personalized support from financial professionals, according to the announcement.

Corebridge Financial has provided retirement services to K-12 educators for more than 60 years, dating back to 1964 when it implemented one of the first 403(b) retirement plans in a public school. The company reports it is a top three retirement plan provider by assets in the public K-12 marketplace.

Corebridge Financial manages more than $380 billion in assets under management and administration as of March 31, 2024, positioning it as one of the largest providers of retirement solutions and insurance products in the United States.