Montgomery County Employees picks Fidelity as record keeper for 5 plans
By Hazel Bradford | January 22, 2013 4:04 pm
Montgomery County Employees' Retirement System, Rockville, Md., consolidated its defined contribution and related plans under one record keeper, Fidelity Investments.
In 2012, the board for the $2.94 billion retirement system renewed Fidelity's contract for the Retirement Savings Plan, a 401(a) defined contribution plan, and the Deferred Retirement Savings Plan (Police). ING U.S. Retirement Services had been record keeper for the Guaranteed Retirement Income Plan and Deferred Compensation Plan, and ICMA-RC, for the Deferred Retirement Option Plan (Fire).
ING had the contract for the GRIP cash balance plan since it started in 2009, according to plan documents, which showed assets of $198 million as of June 30. The Deferred Compensation Plan had assets of $271 million, according to the retirement system's annual report.
Retirement system officials “wanted to consolidate for administrative simplicity,” said Robert Goff, senior retirement analyst, in an interview.
The blackout period for the transition to Fidelity ended last week.
Details about the search process were not available from other plan officials by press time.