Missouri State Public Employees' Deferred Compensation Commission, Jefferson City, hired ING to run a roughly $600 million hybrid fixed annuity and stable value portfolio, confirmed Allen Scott, employee benefits manager. The plan issued two RFPs last year, one for an annuity fund manager and another for a stable value fund manager for its 457 and two 401(a) plans, which have combined assets of $1.2 billion. The ING account provides participants with minimum guaranteed rates for the first two years but a separate account that combines some features of a stable-value product, he said. The fund previously offered fixed annuity funds from Prudential Financial and Nationwide Retirement Solutions; it had not offered a stable value option.
Mercer Human Resource Consulting assisted.