Florida State Board of Administration, Tallahassee, will review a shortlist of "bundled” providers for the state’s new defined contribution plan. Consultant William M. Mercer recommended Fidelity and Prudential in the limited-service category, Nationwide and ING-Aetna in the moderate-service category and TIAA-CREF and Fidelity in the significant-service category.
Companies participating in the two-part search process submitted proposals under three basic service levels: only those services necessary for interfacing with other service providers; moderate service with limited education and/or administrative services; and significant service for investment options with broader education, financial advice and/or administrative services. Interviews and potential site visits are scheduled through September, and the board is expected to make decisions Sept. 25.
