Louisiana Teachers’ Retirement System, Baton Rouge, rehired VALIC as a bundled provider of the 401(a) plan, confirmed Stuart Cagle, the system’s deputy director.
VALIC is one of three providers for the 401(a) plan, along with TIAA-CREF and ING. An RFP had been issued. Mr. Cagle said he couldn’t immediately provide information on the 401(a) plan’s total assets or how much each provider oversees.
VALIC provides 14 investment options and oversees $355 million of the 401(a) plan’s assets as of March 31, Caroline Grossman, a spokeswoman for VALIC, wrote in an e-mail response to questions.
Ms. Grossman said the renewal, which takes effect July 1, is for five years. VALIC will provide both record-keeping and investment services for the system, she said.
The system had $11.78 billion in assets as of Sept. 30.