State Board of Administration of Florida, Tallahassee, approved a $2.5 million budget for its new defined contribution program, said Tom Herndon, executive director. The money will be used for 12 consultants and salaries for six board employees.
The $101 billion board already hired its general consultant, Ennis Knupp, as a consultant for asset transition services. It also expects to hire a general consultant; a third-party administrator; and separate consultants to draft RFPs for third-party services, help develop education programs, help develop selection criteria and select managers. It also might hire an independent adviser to make sure participants in the defined benefit and defined contribution plans are treated equally.
The board is in negotiations with a general consultant/third-party administrator, which it expects to name in the next couple of weeks.