San Mateo issues call for 457 plan administrator

San Mateo, Calif., is searching for a third-party administrator for its $50 million 457 plan, according to Jay Castellano, the city's interim benefits officer.

The search is being conducted because the city wishes to go with a sole provider, Mr. Castellano wrote in an e-mail, although multiple providers might still be considered. Mr. Castellano said current providers of investment options include ICMA-RC and Mass Mutual Financial; all are invited to rebid.

The RFP is also for administrators for its $15 million in retiree health accounts and its $3 million 3121 Social Security replacement plan.

The RFP is available on the city's website. Proposals are due at 4 p.m. PDT on June 12. The city hopes to make a decision by late August or early September, Mr. Castellano wrote.

SST Benefits Consulting is assisting.