STATE OF CONNECTICUT
THE STATE COMPTROLLER
WYMAN RESTRUCTURES $2.4 BILLION RETIREMENT-SAVINGS PLANS
Comptroller Says Changes Will Lower Fees, Increase Investment Options
|Contact: Steve Jensen|
State Comptroller Nancy Wyman today announced a comprehensive restructuring of the state's retirement-savings plans - a move she said will save 44,000 participating employees about $10 million in fees annually.
As part of the restructuring, Wyman selected ING, of Hartford, to provide administration and record keeping for all three plans: Deferred Compensation, 403(b) and the Alternate Retirement Plan. The plans have a combined value of about $2.4 billion.
Wyman said the changes will keep the savings plans on the cutting-edge of available products and services by:
"Consolidating the administration of these plans will deliver better service to employees and save them as much as $10 million in fees each year," Wyman said. "We also intend to maintain the positive aspects of the existing plans, which will benefit current participants and encourage new enrollment."
The selection of ING was recommended to Wyman by the review committee of the State Employees Retirement Commission. Wyman said ING stood out because of its experience with 457, 403(b) and Alternate Retirement Plans for government and education employers. She also cited ING's commitment to energize the state's plans through a comprehensive education and communication program for participants.
Wyman said that funds managed by two current providers - The Hartford and TIAA-CREF - will continue to be offered by the plans. Employees will soon receive additional information about the transition process, the expanded investment options, and the new services that will be available.
The deferred compensation plan will be improved effective July 1, 2005 and the Alternate Retirement Plan and 403(b) plans will be improved effective January 1, 2006.
ING was one of 11 companies that responded to a request-for-proposal issued by the Comptroller's Retirement & Benefit Services Division and administered by the division's Director, Dr. Thomas Woodruff.
The State Comptroller appreciates input on this and other issues from residents of the state. Please feel free to contact her office by phone - (860) 702-3300; mail - OSC, 55 Elm Street, Hartford, CT 06106; or, via E-mail - firstname.lastname@example.org
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