Florida State Board of Administration trustees approved four bundled investment providers for a new defined contribution plan being launched in March, according to Lee Baldwin, communications manager. They are: Prudential, Nationwide, Fidelity Investments and ING Aetna. The trustees added ING Aetna despite a staff recommendation against including the firm.
Trustees also asked the staff to continue negotiations with VALIC to see whether the company would remove an educational component from its proposal to reduce costs and substitute a service component fee in line with the other providers, she said. Staff will report to trustees on talks with VALIC on Dec. 18.
Earlier this month, trustees had asked staff to negotiate with the five firms, as well as with SAFECO for a self-directed brokerage account. Ms. Baldwin said the staff would continue to study SAFECO.