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Pensions and Benefits
Default Provider for ABP Investments

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(FY), covering July 1, 2017 thru June 30, 2018, to be MetLife . The Division of Pensions and Benefits will provide notification of future fiscal year default providers at a future date.

The following is the designated order of Default Providers from Plan Year 2013 through Plan Year 2019:

Default Provider
Plan Year
MassMUTUAL
7/1/2012-6/30/2013
VALIC
7/1/2013-6/30/2014
VOYA (formerly ING)
7/1/2014-6/30/2015
Prudential
7/1/2015-6/30/2016
TIAA
7/1/2016-6/30/2017
MetLife
7/1/2017-6/30/2018
AXA Financial
7/1/2018-6/30/2019

 

 

 
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