Kevin Sigrist, assistant chief of economics at the $125 billion Florida State Board of Administration, Tallahassee, is the leading candidate to head up the states new defined contribution plan. Mr. Sigrist is expected to be named in time for the June 1 rollout of the plan.
Also, board staff may block an ING Aetna small-cap value investment option slated for inclusion in the defined contribution plan, said Tom Herndon, executive director at the state board. ING Aetnas small-cap value investment team left the company last month, he said. The 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.
Thomas J. DiBella, manager or the small-cap fund, left the firm about a month ago, confirmed Cindy Schaus, ING Aetna spokeswoman. He joined Turner Investment Partners.
"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).