Florida Opens Public DC Plan Bidding to Five Providers

November 14, 2001(PLANSPONSOR.com) - Florida state pension officials decided to increase the number of private investment companies that will have a shot at selling defined contribution plans to public employees, according to the Tallahassee Democrat.

The Board of Administration, Governor Jeb Bush, Treasurer Tom Gallagher and Comptroller Bob Milligan voted on including a handful of additional companies in the new $30 billion retirement system that will open to 650,000 public employees in mid 2002.

The bundled investment providers are:

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  • Prudential,
  • Nationwide,
  • ING Aetna,
  • Fidelity Investments, and

According to the newspaper, the board’s staff recommended against allowing these companies into the program, saying they add cost and complexity without providing significant additional benefits to employees.

The trustees also approved negotiating with SAFECO for an open brokerage window for the plan.