University of Maine seeks consultant for 403(b), 457 plans

University of Maine System, Bangor, is searching for an investment consultant for its 403(b) and 457 plans, confirmed Tracy Elliott, director of finance and controller..

The plans, with combined assets of $1 billion, seek a consulting firm to help develop a new investment policy and analyze the investment options of providers TIAA-CREF, ING U.S. Retirement Plan Services, Fidelity Investments and VALIC. Both plans have the same options.

This is the first time the system is using an external investment consultant, according to Ms. Elliott.

Proposals are due Oct. 4. No further information on a timetable for a decision was available by press time.

The RFP is available on the university system's website.