Floridas State Board of Administration is recommending Prudential Financial, Fidelity Investments and Nationwide Financial as providers of bundled investment services and products to the states new defined contribution pension plan, which is scheduled to launch in March.
The board is recommending to the states three-member board of trustees that each firm provide six investment products for the new plan which will be offered to the states 600,000 public employees. The recommendations face final approval tomorrow by the systems board of trustees, according to Lee Baldwin, a State Board of Administration spokeswoman.
Other firms that made it to the final round of negotiations for Floridas defined contribution pension plan included ING-Aetna and VALIC. Both firms were passed over for issues relating to performance, cost and education support, according to a report issued by the board.