Michigan opens search for DC plan services
By Christine Williamson | March 7, 2013 10:45 am
Michigan Department of Technology, Management and Budget's Office of Retirement Services, Lansing, posted an RFP for full-service, bundled investment and administrative services for the state public employees' defined contribution plans.
The Office of Retirement Services oversees the state's $3.58 billion 401(k) plan, $1.68 billion 457 plan and two hybrid plans with aggregate assets of $12 million.
ING Institutional Plan Services is the current bundled provider, and offers full administrative and educational services as well as a total of 28 investment options and a self-directed brokerage window on an open-architecture investment platform.
Lauren Leeds, a spokeswoman for the state technology agency, said in an e-mail that the RFP has been issued because ING's contract expires Sept. 4. Ms. Leeds said ING will be permitted to rebid and that the main change for the new contract is that “the state of Michigan is looking to take advantage of more competitive pricing.”
The RFP is available on the Michigan state procurement site. Bids are due on April 2. The new contract is expected to start on Jan. 1, 2014, according to the RFP.