February 27, 2015 – Hartford, CT – Prudential Retirement will administer three defined contribution plans for state employees, Comptroller Kevin Lembo announced Friday.
The selection of Prudential came after the comptroller’s office and the State Employees Retirement Commission reviewed four bids to run the state’s 457 deferred compensation plan, the 403(b) plan and the alternative retirement system plan.
More than 55,000 state employees and retirees participate in the plans.
“Our goal is to provide employees with the best opportunities to save, invest and prepare for retirement, Lembo said in a statement. “Our plan is to work with Prudential to improve the experience for those who already participate, and to encourage more employees to embrace the process of planning for their future.”
The plans under Prudential will have the same 26 investment options carried by the current administrator, VOYA Financial. While retirees will have those same options, the administrative fees for those investments will be lower, the comptroller’s office said.
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