Vermont State Treasurer's Office, Montpelier, hired Prudential Retirement as third-party administrator for the state's five defined contribution plans, confirmed Matthew Considine, director of investments.
The change went into effect Feb. 1.
The plans are the $382 million State 457 Deferred Compensation Plan, $80 million Teachers 403(b) Plan, $59 million State Defined Contribution Plan, $34 million Municipal Employees 457 Deferred Compensation Plan and $21 million Municipal Defined Contribution Plan.
Empower Retirement was the administrator for the 457 and 403(b) plans and Fidelity Investments was the administrator for the state and municipal DC plans. Empower and Fidelity both rebid.
"Prudential was selected as having offered the best value for the taxpayer and plan beneficiaries," Mr. Considine said.
The RFP was originally issued in February 2017.
