New Jersey Division of Investment, Trenton, hired AIG VALIC, ING, CitiStreet, Equitable Life and Hartford Life to provide investment services for its alternative benefit program, the $8 billion defined contribution plan for employees in the state's higher education system, according to Matt Golden, spokesman for the state treasurer, John McCormac.
Mr. Golden said the firms were chosen after an RFP process. AIG VALIC, ING and CitiStreet were incumbents; Equitable and Hartford Life replaced Lincoln Financial Group and MetLife. TIAA-CREF is also one of the providers. "All were selected on the quality of their services," Mr. Golden said.
Plan participants with assets invested through Lincoln Financial or MetLife do not have to move those assets, but participants will not be able to make new investments with those providers. Officials at the two firms were not available for comment.
The division oversees $62.2 billion in pension assets.