Defined contribution plans
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Northern Trust: DC participants dump fixed income in favor of target-date funds, U.S. equity
trueDefined contribution plan participants continued to invest in target-date funds while reducing their holdings in fixed income and increasing allocations to U.S. small-cap and midcap equities in 2013, according to a report from Northern Trust.
SSgA names DC strategist for London office
trueAlistair Byrne was appointed as senior defined contribution strategist in State Street Global Advisors' London office.
U.K. High Court rules IBM breached pension duties
trueInternational Business Machines Corp., Armonk, N.Y., breached its duties to U.K. pension fund participants in the way it implemented a restructuring of its arrangements, the High Court of Justice, Chancery Division has ruled.
CalSTRS taps ING as record keeper, outlines responsibilities for new DB consultant structure
trueCalSTRS hired ING U.S. Retirement Solutions as a third-party administrator and record keeper for the retirement system's 403(b) and 457(b) supplementary saving program.
Nevada Treasurer's Office searching for consultants for 529 plans
trueNevada State Treasurer's Office is searching for at least one investment consultant for its $13 billion Nevada College Savings Trust Fund and $178 million Nevada Higher Education Prepaid Tuition Trust Fund.
AllianceBernstein hires senior client service officer for DC business
trueRoberta Matheny was named vice president and senior client service officer at AllianceBernstein.
BNY Mellon reopens stable value fund to all investors
trueBank of New York Mellon reopened its Mellon Stable Value Fund to all investors, removing restrictions that had been placed on the $1.05 billion fund in January 2012.
Tennessee in hunt for third-party administrator for 3 plans
trueTennessee Department of the Treasury, Nashville, is searching for a third-party administrator for the state's 457 and 401(k) plans, and 529 college savings plan.
Treasury and IRS offer rollover relief
trueThe Treasury Department and Internal Revenue Service issued guidance Thursday that removes a cumbersome step sponsors of retirement plans must take when accepting rollovers from other employers' plans. The change applies to any qualified plan, including defined benefit, defined contribution, ...
Washington Metro hires Lincoln Financial Group as 457 plan provider
trueWashington Metropolitan Area Transit Authority hired Lincoln Financial Group as bundled provider for its 457 plan, which has $385 million in assets.
J.P. Morgan Asset Management large-plan DC business going to Great-West
trueGreat-West Financial will acquire the large-plan defined contribution business of J.P. Morgan Asset Management, creating the second-largest U.S. record keeper by participants and tying for second based on assets under administration.
Wyoming Retirement System seeks investment consultant
trueWyoming Retirement System, Cheyenne, is searching for an investment consultant for its $498 million 457 plan.
Florida State Board selects MetLife for potential group annuity option
trueFlorida State Board of Administration, Tallahassee, selected MetLife to negotiate to provide group annuity services as a distribution option for retiring participants of Florida Retirement System's $8.7 billion 401(a) plan.
United Methodist board starting new social values fund
trueGeneral Board of Pension and Health Benefits of the United Methodist Church, Glenview, Ill., hired Northern Trust Asset Management to manage a new fund, called Equities Social Values Plus.
PBGC proposes rollover help
trueParticipants in defined contribution plans could combine those assets with their defined benefit plans without worrying about federal guarantee limits, under a plan to be proposed Wednesday by the Pension Benefit Guaranty Corp.