District of Columbia government picked Aetna Life Insurance and...

District of Columbia government picked Aetna Life Insurance and Annuity to administer and manage its $208 million 401(a) defined contribution plan, which covers 13,000 city employees. Aetna will provide a range of investment options, including mutual funds and institutional portfolios. "There were a number of reasons why we chose Aetna as our exclusive plan provider,’’ said Gerard Widdicombe, District of Columbia project coordinator, in a statement. "These include Aetna’s ability to provide superior financial education to the District’s diverse employee population, their local investment professionals, and inclusion in the plan of the Chapman Domestic Emerging Markets Fund, which consists of minority-owned companies.’’