Alexandria, Va., hired ICMA-RC as bundled provider for the Alexandria Deferred Compensation Plan and the Alexandria Retirement Income Plan for Firefighters and Police Officers, according to Steven Bland, the city's retirement administrator and chief investment officer.
ICMA-RC is the current administrator for the $120 million 457 plan. Prudential had administered the $16 million 401(a) plan, which is closed to new participants “for a long time” and had rebid, Mr. Bland said in an interview.
The contract with both plans is for two years with the option for additional years.
“The real work is coming up” with decisions on the investment platform, Mr. Bland said. “We want to get the menu up first.”