VALIC and Sun America plan to challenge the Florida State Board of Administration’s process of selecting bundled investment provider finalists for the state’s new defined contribution plan. VALIC served written notice on Monday and Sun America did the same Tuesday. The firms have until 10 days after the notice to file the protest.
Staff for the Tallahassee, Fla.-based system on Monday selected five finalists in three categories. VALIC and Sun America were not among the finalists.
