Employers' Pensions and Benefits Administration Manual (EPBAM)

 

 

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Default Providers for ABP Investments

RETURN TO ABP ENROLLMENTS


Default Investment Providers and the New Investment Provider Contract

The State of New Jersey has awarded a five-year contract, with subsequent renewals, to seven companies to serve as investment providers in the Alternate Benefit Program (ABP). Additionally, six of these companies will serve as investment providers for the Additional Contributions Tax-Sheltered (ACTS) Program.

Companies serving as investment providers in the Alternate Benefit Program (ABP) as of July 1, 2012 include:

  • AXA Equitable
  • MassMutual Retirement Services (formerly The Hartford)
  • ING/VOYA Financial Services
  • Met Life (formerly Travelers/CitiStreet)
  • TIAA/CREF
  • Prudential Retirement
  • VALIC

Companies serving as investment providers in the Additional Contributions Tax-Sheltered (ACTS) Program as of July 1, 2012 include:

  • AXA Equitable
  • MassMutual Retirement Services (formerly The Hartford)
  • ING/VOYA Financial Services
  • Met Life (formerly Travelers/CitiStreet)
  • TIAA/CREF
  • Valic

The Default Provider

Alternate Benefit Program enrollees not designating an investment provider for their program contributions within 45 days of program participation are enrolled with the investment provider designated by the Division of Pensions and Benefits as the default investment provider at the time of enrollment. The default investment provider is authorized to accept employer and employee mandatory contributions and will invest the funds in a money market fund. Contributions will continue to be sent to the default investment provider and invested in that money market fund until the ABP member designates an investment provider, completes an application with that investment provider, and notifies the employer of this action. If the member is subject to delayed vesting, and is enrolled with the default investment provider, the member is allowed to choose an alternate investment provider during the first year and transfer the contributions deposited to that alternate investment provider.

The Division of Pensions and Benefits has considered the concerns of members, human resource managers, and the investment providers for the Alternate Benefit Program and has developed procedures to periodically select an investment provider to serve as the default provider. As a result, the Division has determined the default provider for the current fiscal year, covering July 1, 2013 thru June 30, 2014, will be the Variable Annuity Life Insurance Company (VALIC). The Division of Pensions and Benefits will provide notification of future fiscal year default providers at a future date.

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Last Updated: June 30, 2014