Florida State Board of Administration staff may block an ING Aetna small-cap value investment option slated for inclusion in the states new defined contribution plan, which will be rolled out June 1, said Tom Herndon, executive director. ING Aetnas small-cap value investment team left the company last month, he said. The Tallahassee plan either could substitute another small-cap value option or bar participants from enrolling in the ING Aetna option, Mr. Herndon said. This will not affect other ING Aetna options offered in the plan.
"The plan has 42 products. We have a good, diversified lineup and other small-cap value funds, he said.
Thomas J. DiBella, manager or the small-cap fund, left the firm about a month ago, confirmed Cindy Schaus, ING Aetna spokeswoman.
"We believe in open communication and saw it as an event worthy of discussion, Ms. Schaus said. "We (ING Aetna and the fund) collectively decided to replace that fund. We felt it important to offer a blend of proprietary and non-proprietary investments, which is still under consideration (by the fund).
Separately, Kevin Sigrist, assistant chief of economics at the $125 billion system, is the leading candidate to head up the defined contribution plan.