A Florida administrative law judge on Friday denied the state’s motion to dismiss TIAA-CREF’s objection to the investment policy statement for Florida’s new defined contribution plan. Complaints from TIAA-CREF, VALIC and a group of public school teachers will be heard in late February.
At the same time, TIAA-CREF and VALIC are negotiating with Florida’s State Board of Administration, which will run the defined contribution plan, to settle the matter, said Malcolm Campbell, vice president and chief counsel for government relations for TIAA-CREF. Tom Herndon, executive director for the SBA, said the board sent the parties a settlement offer last week.
"We are very encouraged by what the staff has proposed,” Mr. Campbell said. "We’re hopeful that this matter can be resolved.”
