Sunshine State Picks Financial Engines' Forecast

July 9, 2001 ( - The Florida State Board of Administration (FSBA), the investment manager of the State of Florida's $100 billion pension plan, has picked Financial Engines' investment education/advice to help its 650,000 participants with the switch from a pension plan to a participant-directed defined contribution option.

Florida employees will have an opportunity to elect between the pension plan and the defined contribution option . Financial Engines will begin a rollout of its service in March 2002, as part of a multi-year, multi-million dollar agreement.

The State of Florida has the nation’s fourth-largest public pension system.

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Financial Engines will forecast how an employee’s retirement portfolio may fare in the newly created defined contribution plan, taking factors such as risk and retirement age into account, allowing employees to see the potential outcomes.

According to the FSBA, the selection of Financial Engines as the Education Content Specialist was the result of an in-depth search, involving the expertise of FSBA, as well as outside consultants, including Ennis Knupp & Associates.