New York City Deferred Compensation Program awarded $80 million in new contracts for its $807 million GIC fund, said Joan Barrow, chief accountant for the $4.2 billion plan.
It hired CIGNA Financial Services to run a $40 million contract, starting July 5, and a $20 million contract, starting Oct. 2, giving CIGNA a total of $81 million in GIC accounts for the plan It also hired Ausa Life to manage a $20 million contract.
The fund also rehired Principal Life to manage a $20 million contract, beginning Oct. 2.
The money came from John Hancock, which managed $30 million, and CDC Capital Management, which managed $21 million in GICs. Calls to both firms were not returned by deadline. Remaining funding will come from a short-term AIM account, Ms. Barrow said.