Maryland Teachers & State Employees Supplemental Retirement Plans, Baltimore, hired Aetna as a stable value manager for its 457, 401(k) and 401(a) plans, said Michael Halpin, deputy executive director of the $1.6 billion system, which comprises the three plans and a 403(b) plan. Aetna will start managing $50 million to $70 million of the $300 million in the stable value option, which was managed internally.
Also, The Segal Co. and Segal Advisors were hired as investment consultants. "Segal will be two-teaming us, Mr. Halpin said. The firms replace William M. Mercer, whose contract expired recently. Segal will conduct an asset allocation study of the pension plan this summer, and review investment options of the states deferred compensation and defined contribution retirement plans. Segal is expected to deliver its report in the fall.