New York City District Council of Carpenters’ Annuity Fund hired CIGNA Retirement and Investment Services as manager of the $650 million plan, said Stuart GraBois, director of benefit plans. The fund is switching to a participant-directed plan from a trustee-directed program because the union members thought they could do better investing on their own, Mr. GraBois said. Evaluation Associates conducted the search.
Mr. GraBois declined to name the plan’s previous managers, who have all been terminated. CIGNA will offer 14 options plus two custom funds, a stable value fund and a balanced fund that will combine the stable value fund with a growth and value equity fund.
