University of North Carolina seeks consultant for defined contribution plans

University of North Carolina, Chapel Hill, issued an RFP Nov. 1 for administration and consulting services for its defined contribution plans, the $3.37 billion UNC Optional Retirement Program and a $783 million 403(b) plan.

The current contract with Buck Consultants ends Dec. 31, Brian M. Usischon, UNC associate vice president for human resources and university benefits officer, said in an e-mail.

Buck has held the contract for five years, and is eligible to rebid. The RFP, required under state procurement rules, is limited to retirement advisory and consulting services, in contrast to the current scope which includes all human resource and benefits consulting, Mr. Usischon said.

Officials at UNC, which comprises 17 institutions, want help in choosing investment vehicles and setting up custodial accounts, record-keeping, customer service and reporting functions. “Given the current regulatory environment for retirement plans, the university seeks a consulting partner to assist it in building a fully compliant retirement plan operation,” according to the RFP.

The Optional Retirement Program is an alternative to the state's $54 billion defined benefit plan.

The RFP is available from the state's website. Proposals are due by 10 a.m. EST Dec. 12. No timetable for hiring was available.