North Carolina Department of State Treasurer, Raleigh, hired Prudential Retirement Services as bundled provider for its $2.3 billion 401(k) plan, effective in September. Prudential replaces BB&T, which had been bundled provider since the plans inception in 1985. BB&T had outsourced record keeping to Benefit Services Corp., which is going out of business at the end of the year, said Julie White, director of communications in the state treasurers office.
Prior to the transition, the board expects to review its current menu of 10 investment options to determine if it will make changes. Most of the plan assets are in the Fidelity Magellan and Equity and Income funds, and in BB&Ts one-year GIC, said Ms. White. Bolton Partners Investment Consulting assisted.