CalSTRS is searching for a third-party administrator for its 403(b) and 457(b) plans, confirmed spokesman Ricardo Duran.
Incumbent TIAA-CREF is invited to rebid. Its contract is due to expire Sept. 15, 2015, Mr. Duran said in an e-mail. The defined contribution plans have more than $500 million in assets.
The $171.9 billion California State Teachers' Retirement System, West Sacramento, is looking to keep the same investment option lineup; the pension plan will maintain full authority on fund selection, according to the RFP.
CalSTRS is looking to hire one provider for both plans, which have the same 22 investment options in addition to risk-based target-date funds.
Meridian Consulting Group is assisting.
The RFP is available on procurement website BidSync. Proposals are due at 2 p.m. PST Dec. 19. A hiring decision is expected in spring or summer.