Clewiston, Fla., seeks bundled provider for DC, DB plans

Clewiston, Fla., is searching for a bundled provider for a newly created 401(a) plan and its existing $7 million defined benefit plan, confirmed Marilyn McCorvey, city clerk.

The DB plan is being frozen effective Sept. 30, with participants moving to the new defined contribution plan, said Ms. McCorvey in a telephone interview.

The city seeks a firm to create the new plan and provide record keeping and investment services for the new plan, and provide general consulting and investment management for the frozen plan.

The current consultant and investment manager for the pension plan is Principal Financial Group. The firm is eligible to rebid.

Proposals are due at 3 p.m. EDT on Oct. 29. A timetable for a decision has yet to be determined.

The RFP is available from the city's website.