State of Michigan 401(k) and 457 Plans, Lansing, hired ING Investment Management to manage a combined $1.34 billion in stable value, confirmed Kurt Weiss, a spokesman for the Michigan Department of Technology, Management and Budget, which oversees the plans.
ING Investment will replace SSgA, effective Friday. SSgA plans to exit the stable value business by the end of 2010.
SSgA had offered to replace stable value with money market instruments in the defined contribution lineups, but Michigan opted to hire another stable value manager, Mr. Weiss said.
ING will run the money in a separate account.
SSgA spokeswoman Arlene Roberts said Michigan remains a valued client for the firm.