Staunton (Va.) and Staunton Public Schools are searching for a bundled provider for their 403(b) and 457 plans, confirmed Cynthia A. Steed, city supervisor of purchasing.
The city is hoping to hire one provider for all plans but will consider multiple providers based on the proposals they receive, Ms. Steed said in a telephone interview. The plans have a combined $8 million in assets.
The city's current providers are ICMA-RC, Nationwide Retirement Services and VALIC, and the schools' current providers are Ameriprise Financial, Horace Mann Educators Corp., Lincoln Financial Group, Virginia Retirement Specialists and VALIC. All can rebid.
Proposals are due at 4 p.m. EST on Nov. 5. Finalist presentations are tentatively scheduled for the week of Jan. 14, with a contract start date of March 1.
The RFP is available at www.staunton.va.us/directory/departments-h-z/purchasing/solicitations/request-for-proposals-for-403b-457b-retirement-plan-services.