San Jose seeks single provider for its 2 401(a) plans
By Kevin Olsen | December 14, 2012 3:45 pm
San Jose, Calif., is searching for a bundled provider for an existing 401(a) plan and a new 401(a) plan that will be open to participants in early 2013, confirmed Emily Conant, senior analyst, human resources, for the city.
The city is looking for one provider for both plans, Ms. Conant said in an e-mail. Incumbent ICMA-RC is invited to bid.
The selected firm will provide administration, record-keeping, education and investment management services, according to the RFP.
The current plan has only two participants — the city manager and city attorney — and about $477,000 in assets, but the new plan will be available to about 200 employees, Ms. Conant said. The city is looking to start the plan in January or February.
The RFP is available on procurement website BidSync. Proposals are due at 5 p.m. PST Jan. 11. The city hopes to make a hiring decision by the end of January, Ms. Conant said.