Baltimore City Public Schools Selects Corebridge Financial as Sole Retirement Plan Provider, Simplifying Access and Reducing Costs for Employees

Key Terms

403(b) financial

A 403(b) is a U.S. retirement savings plan offered to employees of public schools, certain non‑profit organizations and some churches that lets workers set aside part of their pay with tax breaks until they withdraw it in retirement. Think of it as a locked piggy bank that also grows with investments and delays taxes until you take the money out. For investors, widespread use or employer contributions to 403(b) plans can affect a workforce’s financial security, benefits costs and employee retention.

defined contribution plans financial

Defined contribution plans are employer-sponsored retirement accounts where fixed contributions are made into an individual account for each worker, and the eventual payout depends on how those contributions are invested and grow over time. Think of it like a personal piggy bank that an employer tops up: the worker bears the investment risk and decides how the money is invested, while the employer’s cost is generally the predictable contributions rather than an open-ended pension promise. For investors, these plans matter because they change a company’s long-term liabilities, cash flow predictability and employee financial security, which can influence workforce stability and consumer behavior.

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HOUSTON--(BUSINESS WIRE)-- Baltimore City Public Schools (City Schools) has selected Corebridge Financial as the sole provider for its supplemental retirement savings plans. By consolidating from 12 providers to Corebridge exclusively, City Schools is able to reduce fees for its PK-12 workforce, enabling participants to keep more of their investment returns and help improve their long-term financial outcomes.

“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, Baltimore City Public Schools.

Corebridge, which has worked with City Schools for four decades as one of multiple providers, will now serve as the sole provider of the school system’s 403(b) and 457(b) retirement plans, covering approximately 10,000 participants and overseeing roughly $500 million in plan assets. Following an extensive competitive review, Corebridge emerged as the provider of choice, offering participants:

• Lower fees
• No surrender fees
• Expanded investment options
• Personalized support from financial professionals
• Simplified experiences, communications and account management

“Our longstanding relationship with Baltimore City Public Schools has given us a deep understanding of the needs of their educators and staff, and we take that responsibility seriously,” said Terri Fiedler, President of Retirement Services at Corebridge. “By transitioning to a more streamlined, participant-focused model, City Schools is positioning its retirement program for the future, and we’re proud to support that vision with our extensive experience serving K–12 school systems and proven ability to manage large-scale consolidations.”

Corebridge has served the retirement needs of K-12 educators and staff for more than 60 years, dating back to 1964 when Corebridge implemented one of the first-ever 403(b) retirement plans in a public school. Today, Corebridge remains an industry leader in the public K-12 marketplace as a top 3 retirement plan provider by assets, continuing to innovate and help school districts across the country modernize their defined contribution plans.¹

¹ LIMRA, Not-for-Profit Retirement Market Survey, 12/31/25

About Corebridge Financial

Corebridge Financial, Inc. (NYSE: CRBG) makes it possible for more people to take action in their financial lives. With more than $380 billion in assets under management and administration as of March 31, 2026, Corebridge Financial is one of the largest providers of retirement solutions and insurance products in the United States. We proudly partner with financial professionals and institutions to help individuals plan, save for and achieve secure financial futures. For more information, visit corebridgefinancial.com and follow us on LinkedIn.

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Işıl Müderrisoğlu (Investors): investorrelations@corebridgefinancial.com
Jay Russo (Media): jay.russo@corebridgefinancial.com

Source: Corebridge Financial