Great-West Lifeco Inc. today announced that its U.S. subsidiary, Great-West Life & Annuity Insurance Co. (GWLA), has reached an agreement with Franklin Templeton Investments whereby Franklin Templeton will transition its 401(k) recordkeeping business to GWLA.

GWLA’s affiliate FASCore, LLC has been supporting Franklin Templeton’s recordkeeping business since 2006. Under the new agreement, Great-West Life & Annuity will assume additional servicing and custodial responsibilities for approximately 340 plans, representing about 64,000 participants.

“This agreement reinforces our position as one of the top retirement plan providers in the United States,” said Raymond McFeetors, president and CEO of Great-West Lifeco, in a release. “It demonstrates our commitment to the corporate retirement plan marketplace, where we’ve earned a reputation as an innovative and growing player.”

The transaction, expected to be completed in the fourth quarter of 2007, will be largely seamless to the transferring plans and their participants, who will have access to a broader array of products and services. No regulatory approval is required.

In addition to its 401(k) business, GWLA provides a range of retirement products and services to the corporate, government, healthcare and education markets, and to institutional clients. It is the fourth-largest U.S. retirement plan recordkeeper based on total participants, according to a ranking by Spectrem Group in January 2007. In all, GWLA provides retirement plan services to 21,000 plans representing approximately 3.5 million participants and US$104

Products and services are provided by Great-West Life & Annuity Insurance Company, FASCore, LLC, and First Great-West Life & Annuity Insurance Company and their subsidiaries and affiliates. Insurance products and related services are sold in New York State by First Great-West Life & Annuity Insurance Company of White Plains, New York.