Administrator/Record Keeper
The city is looking to consolidate its current two vendor model.
The city has issued an RFP seeking record keeping, administrative and compliance services for its plans.
The plan is looking to invest $10 million each with private equity and opportunistic fixed-income managers.
The search stems from the upcoming Jan. 31 contract expiration of incumbent Empower Retirement.
The plans’ current provider will see its contract expire at the end of the year.
The city expects to generate a shortlist of candidates to conduct interviews with on July 29.
The plans launched a search in February due to the contract expiration of their incumbent.
The deferred compensation plan rehired its incumbent bundled provider to conclude a search launched last year.
The plans have been working with their incumbent record keeper since 1977.
The RFP is due to the incumbent firm’s impending contract expiration.