Connecticut's Office of the State Comptroller and members of the State Employees Retirement Commission have chosen Prudential Retirement to serve as third-party administrator for the state's three defined contribution plans.
The plans total $4.5 billion in assets under management.
The state's 457 Deferred Compensation Plan and the 403(b) plan are both voluntary supplemental plans. The third, called the Alternate Retirement Plan, is a core retirement plan that is offered to some employees in higher education as an alternative to the State Employee Retirement System plan.
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The changeover will take place on July 1, when Prudential Retirement will step in to replace Voya Retirement Services as administrator for the plans. The selection was made as the result of a Request for Proposal that was issued in November, and the change will bring lower administrative fees.
A new administrator doesn't mean other things are changing; the 26 investment options and managed account program that are currently offered to employees will continue to be provided under Prudential's watch.
In addition, there will be a team of retirement counselors based in Connecticut who will work with employees. There will also be a financial education program to assist employees in reaching their retirement goals.
Employees participating in the plans will not have to take any action as a result of the administrator switch.
Connecticut Comptroller Kevin Lembo said that in July a new and improved website will be available that will include expanded and improved features.
The Office of the State Comptroller issues an RFP for third-party administration of the state's defined compensation plans every five years.
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