Michigan Office of Retirement Services, Lansing, rehired incumbent ING U.S. Retirement Solutions as the third-party bundled administrator for the state's public employee $4.3 billion 401(k) plan and $1.8 billion 457 plan, confirmed Stephen Crippen, an ORS spokesman, in an interview.
ORS is a division of the state's Department of Technology, Management and Budget.
ORS launched a search for a new record keeper earlier this year, as part of a regular rebidding process. ING U.S.'s new contract is for five years, with two two-year extension options, and is effective Jan. 1, Mr. Crippen said.
ING U.S. has been a service provider to the funds since 1997 and now provides services to a total of about 150,000 participants from both defined contribution plans, according to an ING U.S. news release.
Participants in the Michigan Retirement Systems' four public employee defined benefit plans, which are managed by the Bureau of Investments, a division of the state's Department of Treasury, may participate in the state's defined contribution plans, Mr. Crippen said.
The four systems are Michigan Public School Employees Retirement System; Michigan State Employees' Retirement System; Michigan State Police Retirement System; and Michigan Judges Retirement System.
Aggregate defined benefit plan assets of the four plans totaled $54.2 billion as of Sept. 30.
