ING's Retirement division has been selected by the Colorado Public Employees' Retirement Association (PERA) Board of Trustees to serve as the exclusive recordkeeper for PERA's retirement benefits for state, local government and public school employees in Colorado.
The insurer said PERA’s decision is part of their effort to improve and consolidate the plans under one recordkeeper, effective 1 October 2011.
The plans include 401(k), 457, and DC (Defined Contribution) plans. With these changes, ING will also service the 457 plan. Both the 401(k) and 457 plans will be re-branded as the PERAPlus programs.
Current assets in the PERA 401(k) Plan are $1.9bn, with 73,620 participants. Assets in the PERA 457 Plan are $473.5m, with 18,182 participants. Assets in the PERA DC Plan are $53.2m, with 3,503 participants.
Among the changes, all PERA participants will have access to investment professionals who can help manage their accounts, and the ability to invest in a wider universe of options by using a self-directed brokerage account.
Also included in the PERAdvantage investment line-up will be six primary investment vehicles based on asset classes, 10 target retirement date funds and a balanced fund that screens for various social causes.
Colorado PERA provides retirement and other benefits to 475,000 current and former employees of more than 400 government and public entities in the state of Colorado.