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Plan Administration

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

Room 124, Empire State Plaza Concourse - North
P.O. Box 2103
Albany, NY 12220
(518) 473-6619
Fax: (518) 473-7255

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 State Street Bank and Trust)
    • 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 CliftonLarsonAllen LLP)
    • 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 Associates Inc.)
    • 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 three categories of investments that are held by the fund:
      • Traditional Guaranteed Investment Contracts
      • Synthetic Guaranteed Investment Contracts
      • Short-Term Fixed Income assets
  • Mutual Fund Investment Managers provide no-load mutual funds to participants in the Plan, including:
    • 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 Investment Managers
    • MFS Institutional Advisors
    • Wellington Management Co.
    • Dimensional Fund Advisors
    • Northern Trust Global Investment Services

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 3.5 basis points, paid in two 1.75 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.

Services available at the Board's office

In addition to providing centralized oversight of all of the Plan's operations, the office serves as a resource center for Plan participants and employees who are eligible to join the Plan. Staff members are available to provide general assistance and Account Executives are available Mondays and Wednesdays from 10 a.m. - 3:30 p.m. ET to meet with employees regarding all Plan services, including enrollments and distribution options. To schedule a meeting, call 518-473-6619.

The Plan office also provides Plan materials, a computer terminal that employees may use to access this Web site, and a phone that connects directly to the Plan's HELPLINE.

Board Members:

Diana Jones Ritter
Blake G. Washington
David J. Natoli

Board Staff:

David E. Fischer, Executive Director
Sharon Lukacs, CEBS, Deputy Director
James Reeves, Associate Director
Tara Anderson, Office Manager

NRW-3455NY-NY.9
NRW-3455NY-NY.9
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NRW-2913AO.1
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