Alpharetta, Ga., hunting for administrator for DC, DB plans
By Rob Kozlowski | February 7, 2013 11:40 am
Alpharetta, Ga., is searching for a third-party administrator for its two defined contribution plans and defined benefit pension plan.
The search is the result of the city's efforts to “bundle record keeping, custodial, reporting and actuarial services for all plans under an open architecture investment platform,” according to an RFP posted on the city's website.
The $12 million 457 and $7 million 401(a) plans' current administrator is Hartford Retirement Services. The custodian and trustee for the $41 million defined benefit pension plan, which has been closed to new hires since July 1, 2009, is Benefit Trust Co. Information about whether the firms are eligible to rebid could not be learned by press time.
The RFP is available from the city's website. Proposals are due at 2 p.m. EST on March 7. According to the RFP, the city hopes to complete conversion of the plans no later than July 1.
A phone call to Thomas Harris, city director of finance, was not returned by press time.