Under the agreement, expected to take effect in mid-2009, Northern Trust will work with the program ‘ s recordkeeper to provide fiduciary investment services to more than 43,000 participants, with more than $4.1 billion in assets.
“Our goal is to make our members’ retirement planning more effective, “ said Harry L. Hathaway, President of the ABA Retirement Funds Board of Directors, in a press release. “ We are delighted to have this opportunity to partner with Northern Trust, which we expect will lead to offering our members and participants a revamped menu of high-quality investment options for their benefit plans. “
Through its sponsorship of the program, ABA Retirement Funds offers retirement plan services to legal professionals, along with educational information related to retirement planning and funding. The program has earned “ preferred vendor status “ with 37 state bar and other legal associations.