Kentucky Public Employees’ Deferred Compensation Authority, Frankfort, hired ING U.S. Retirement Services as record keeper for the $1.6 billion supplemental retirement savings program, confirmed Robert Brown, executive director.
Nationwide Financial Services had been third-party administrator for five years, a three-year contract with two one-year extensions, Mr. Brown said in a telephone interview. The system was required by law to put the contract out for bid after the two one-year extensions. Nationwide was allowed to rebid.
ING will also provide communication and marketing services, according to an ING news release.
The authority oversees a $965.9 million 401(k) plan, a $632.5 million 457 plan and a $6.7 million IRA plan.