Plan Administration

Overseen by the New York State Deferred Compensation Board, the Plan is managed by a professional staff located in Albany, NY.

Plan Service Providers

The Plan has contracts with several service providers for specific services. Each of the Plan's service providers are selected by the Board through a structured competitive request for proposals process in accordance with rules of the Plan, and the contracts are generally limited to a term of 10 years.

• Administrative Service Agency (currently Nationwide^® Retirement Solutions)
  • Performs all record-keeping functions
  • Produces participant statements
  • Employs local Account Executives
  • Maintains the Plan's HELPLINE and Web site
  • Produces communications materials, including the Plan newsletter
• Trustee/Custodian (currently Bank of New York Mellon)
  • Holds the assets of the Plan in trust for the exclusive benefit of participants
  • Processes transactions, benefit payments and related tax reporting
  • Accounts for the assets of the Plan
• Auditor (currently Citrin Cooperman)
  • Performs annual audits of the Plan including the annual financial audit
  • Completes an audit of the Administrative Service Agency's internal controls
  • Executes an audit of the administrative service agency's adherence to performance standards
• Independent Investment Consultant (currently Callan LLC)
  • Advises the Board regarding investment policy
  • Monitors the performance of the Plan's investment providers
  • Advises the Board on the selection of financial services providers
  • Conducts searches for service providers through request for proposals processes
• Legal Counsel (Shearman & Sterling)
  • Prepares amendments to the Plan
  • Advises on regulatory matters and the negotiation
  • Prepares contracts with professional services firms
• Stable Income Fund Investment Managers
  • Overall manager is Goldman Sachs Asset Management who manage the investments that are held by the fund.
• Mutual funds and collective investment trusts:
  • Retirement date funds
  • Fixed-income funds
  • Balanced funds
  • Large-capitalization U.S. equity funds
  • Mid-capitalization U.S. equity funds
  • Small-capitalization U.S. equity funds
  • Emerging markets equity fund
  • International active and passive funds

Administrative Expenses

The Plan's administrative expenses are funded by two primary sources of revenue:

1. the semi-annual participant fee
2. interest income earned on revenue received by the Plan

Mutual fund reimbursements are negotiated with individual mutual funds and currently range from .05% to .35% of assets annually and are paid to participant accounts that hold the fund(s) paying the reimbursements.

The administrative fee is a combination of a $20 annual fee, paid in two $10 semi-annual installments and an asset-based fee calculated as a percentage of a participant's account balance.

The annual asset-based fee is estimated to be 3.25 basis points, paid in two 1.625 basis point semi-annual installments. The asset-based fee will be charged only on accounts with balances in excess of $20,000. Account assets subject to the asset-based fee are capped at $200,000.

Board Members:

Diana Jones Ritter
Philip Fields
David J. Friedfel

Board Staff:

Sharon Lukacs, CEBS, Executive Director
James Reeves, CFP, Deputy Director
Mark Felice, FSRI, Associate Director
Tara Anderson, Office Manager/Procurement Coordinator