Pentegra Retirement Services - Primary Plan Fiduciary for Over 500 Financial Institutions - Selects State Street Global Advisors as its New Investment Manager.WHITE PLAINS, N.Y. -- Pentegra Retirement Services today announced that it has chosen State Street Global Advisors (SSgA) as its new investment manager for its more than $1 billion in qualified plan assets as part of its ongoing commitment to providing its clients with quality institutional funds. After extensively reviewing investment managers in the industry, Pentegra selected State Street for its broad range of extremely cost-effective index funds. Pentegra has primary ERISA-named fiduciary responsibility for the retirement programs of more than 500 DB and DC plans through its multiple-employer plans and is dedicated to providing more affordable retirement programs along with a wide array of asset allocation Asset Allocation The process of dividing a portfolio among major asset categories such as bonds, stocks or cash. The purpose of asset allocation is to reduce risk by diversifying the portfolio. choices to the small plan market. Gwen Burroughs, Pentegra's Chief Marketing Officer stated, "Pentegra provides a unique solution for retirement plans with this index fund offering from State Street Global Advisors. Each of these collective trust funds offers rigorous style consistency and substantially lower expense ratios than most retail mutual funds, annuities or actively managed investments. This keeps costs down while simplifying the investment selection and management process, benefiting both plan sponsors and participants." Kenneth Montgomery Kenneth Montgomery (born 1943, Belfast) is a British conductor, the only child of Lily and Tom Montgomery.[1] His upbringing was in Wandsworth Parade and he attended the Royal Belfast Academical Institution. His musical studies were at the Royal College of Music. , Pentegra's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. said, "Pentegra selected SSgA after narrowing its search to a handful of providers who offered the unique combination of a full range of index funds with low asset management fees. Our agreement with SSgA will broaden our assortment of lower cost index fund options, allowing clients of all sizes to continue to provide an attractive fund line-up that offers the diversification that their participants require." Michael Dalis, Director of Institutional Sub-Advisory Services at SSgA, said, "We are pleased Pentegra has chosen SSgA as its investment manager for its qualified plan offering. Index funds offer a way for plan sponsors to encourage participant diversification while maximizing value. We are committed to providing cost-effective, flexible and broad-based index Broad-Based Index An index designed to reflect the movement of the entire market. The smallest broad-based index is the Dow Jones Industrial Average with 30 industrial stocks, and the largest is the Russell 300 Index. products that support our customers' unique investment needs." The transition of all plan assets to SSgA has been completed. About Pentegra Founded in 1943, Pentegra Retirement Services is the leading provider of retirement products and services to community banks nationwide with over $3 billion dollars under management. With over 60 years of experience in managing retirement programs, the White Plains, NY based company provides a diverse array of retirement products including 401(k), KSOP, ESOP ESOP See: Employee Stock Ownership Plan ESOP See Employee Stock Ownership Plan (ESOP). , Defined Benefit Pension, Profit Sharing profit sharing, arrangement by which employees receive, in addition to their wages, a share of the net profits of a business. The purpose is to give them an incentive to increase their output through enhanced morale, less wasteful use of materials, better care of and Executive Benefit and Director plans to the financial community and corporations nationwide. Pentegra is a Preferred Provider of the ICBA ICBA Independent Community Bankers of America ICBA International Center for Biosaline Agriculture ICBA Instituto Cultural Brasil Alemanha ICBA Independent Community Bankers Association ICBA International Conference on Biometric Authentication Financial Services Corporation, a subsidiary of the Independent Community Bankers of America and is endorsed by America's Community Bankers and affiliated with the American Bankers Association The American Bankers Association (ABA) is comprised of banks and other financial institutions. It seeks to promote the strength and profitability of the banking industry by Lobbying federal and state governments, building industry consensus on key issues, and providing products and . For additional information contact Gwen Burroughs, 914-821-9430 or gburroughs@pentegra.com. About State Street Global Advisors State Street Global Advisors, the investment management group of State Street Corporation (NYSE NYSE See: New York Stock Exchange : STT STT State Street Corporation (stock symbol) STT Suomen Tietotoimisto (Finnish National News Agency) STT Secure Transaction Technology STT Surface Tension Transfer (welding) ), delivers investment strategies and integrated solutions to clients worldwide across every asset class, investment approach and style. With $1.4 trillion in investment programs and portfolios (as of September 30, 2005), State Street Global Advisors has investment centers in Boston, Hong Kong, London, Milan, Montreal, Munich, Paris, Singapore, Sydney, Tokyo, and Zurich, and offices in 26 cities worldwide. For more information, visit State Street Global Advisors at www.ssga.com. |
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