Nassau County Deferred Compensation Plan, Mineola, N.Y., rehired Prudential Retirement as the record keeper for the $1.3 billion plan, confirmed Steven Conkling, chairman of the plan’s board.
The new contract took effect Jan. 1.
In June, the county issued an RFP and received “a few proposals,” Mr. Conkling said in an interview. He said the RFP was routine; Prudential had been the record keeper for seven years, encompassing an original five-year contract with a pair of one-year extensions.
Mr. Conkling praised Prudential for “great service,” adding that the new contract — also five years plus a pair of one-year extensions — included a “slight improvement” in Prudential’s fee structure. He didn’t provide details.
According to a Prudential news release issued Tuesday, the Nassau County 457 plan has achieved a 53% increase in assets, 22% increase in average deferral rates and a 50% increase in average account balances since Prudential became record keeper.
