Florida 401(a) plan in market for investment advice provider

Florida State Board of Administration, Tallahassee, issued an invitation to negotiate to interested firms to provide financial education and advice services to participants in the $7.4 billion Florida Retirement System 401(a) investment plan.

The board, which oversees a total of $157 billion, could hire more than one firm, Dennis D. MacKee, FSBA communications director.

Incumbents Ernst & Young and Financial Engines can rebid, Mr. MacKee said. Their contracts with the FSBA expire June 30, 2013.

Firms who want to be included in the search must be independent of the plan's record keeper, Aon Hewitt, and its investment managers, according to the invitation, available from the FSBA website. Responses are due Nov. 2. FSBA expects to make a decision Jan. 4. FSBA isn’t using a consultant for the search.