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ABP Default Investment Provider


Alternate Benefit Program (ABP) 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. 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 our members, human resource managers and the investment providers for the Alternate Benefit Program and Additional Contribution Tax Sheltered Program. As a result, procedures have been designed to select the default carriers on a rotating basis and the Division has determined the following default carrier schedule for the duration of contracts awarded pursuant to Purchase Request #1026854, which takes effect on April 1, 2004.

Period 1 (April 1 - December 31, 2004) - MetLife Insurance Company of Connecticut

Period 2 (January 1 - December 31, 2005) - Equitable

Period 3 (January 1 - December 31, 2006) - The Hartford

Period 4 (January 1 - December 31, 2007) - AIG Variable Annuity Life Insurance Co.

Period 5 (January 1 - December 31, 2008) - ING Life Insurance & Annuity

Period 6 (January 1, 2009 through December 31, 2009) - Teachers Insurance & Annuity Assoc./College Retirement Equities Fund (TIAA/CREF)

Period 7 (January 1, 2010 - December 31, 2010) - ING Life Insurance & Annuity

Period 8 (January 1, 2011 through current contract ending March 31, 2011) - AXA Financial (Equitable)

Base on this schedule, the default investment provider for the remainder of calendar year 2004 will be MetLife Insurance Company of Connecticut.

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Copyright State of New Jersey, 1996-2003
Division of Pensions and Benefits
PO Box 295
Trenton, NJ 08625-0295

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Last Updated: December 8, 2010