US - California State Teachers' Retirement System (CalSTRS) administrator Julia Durand, has been elected president of the National Association of Government Defined Contribution Administers (NAGDCA).
Durand administers the CalSTRS Pension2 personal wealth plan, which consists of a 403(b), a Roth 403(b) and a 457(b) plan (specialist tax-sheltered annuity plans for public school employees).
Pension2 serves as a supplemental savings plan for California school and community college employees and manages nearly $300m on behalf of more than 6,000 members.
The CalSTRS hybrid system consists of defined benefit, cash balance and defined contribution plans. Members typically retire at 62, with a pension that replaces about 60% of their highest salary.
"I look forward to this opportunity to further NAGDCA's goals to help ensure that local and state government employees have opportunities to enhance their retirement," said Durand.
"It is my hope that other administrators of 403(b) plans will take full advantage of the resources available through NAGDCA."
Durand takes on the presidency for 2011-12 and joins six other governing officers and members-at-large at NAGDCA.
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