Florida State Board of Administration, Tallahassee, selected MetLife to negotiate to provide group annuity services as a distribution option for retiring participants of Florida Retirement System's $8.7 billion 401(a) plan, said John Kuczwanski, FSBA communications manager.
Hartford Life Insurance Co., the incumbent, is leaving the business and did not rebid on the RFP, which was initiated in February. BlackRock and Financial Engines were the only other firms to submit proposals, Mr. Kuczwanski said.
FSBA, which oversees the 401(a) assets, is not pursuing options for non-insured lifetime income solutions, which was another aspect of the invitation to negotiate, Mr. Kuczwanski said.
The negotiations have no set time frame for conclusion, Mr. Kuczwanski said.
Hewitt EnnisKnupp, FSBA investment consultant, is assisting in the search process.