Florida Deferred Compensation Plan will not be renewing contracts with record keepers Empower Retirement and T. Rowe Price Group to reduce the number of providers for the plan.
The change is effective Oct. 31, said Devin Galetta, spokesman at the Florida Department of Financial Services, which oversees the plan.
The changes are being made “in an effort to respond to the changing retirement savings industry, provide a better value and to simplify options for state of Florida employees and participants,” Mr. Galetta said.
The remaining record keepers are AIG Retirement Services, Nationwide Financial and Voya Financial.
Participants who have accounts with Empower Retirement and T. Rowe Price will be moved by default to Nationwide Financial or have the choice to move to AIG or Voya instead.
As of Dec. 31, Empower and T. Rowe Price accounts made up $824 million and $618 million, respectively, of total 457 plan assets, according to a report on the website.
Accounts with Nationwide, Voya and AIG had $1.8 billion, $824 million and $589 million in assets, respectively, as of that date.
Other assets were held with legacy record keepers.