Vermont Treasurer’s Office seeks third-party administrators for 5 DC plans

Vermont State Treasurer’s Office, Montpelier, is searching for one or more third-party administrators for the state’s five defined contribution plans, according to an RFP posted on the treasurer’s website.

The plans are the $382 million State 457 Deferred Compensation Plan, $80 million Teachers 403(b) Plan, $59 million State Defined Contribution Plan, $34 million Municipal Employees 457 Deferred Compensation Plan and $21 million Municipal Defined Contribution Plan. The third-party administrator would also oversee a retiree health savings plan and single deposit investment account plan.

Empower Retirement is the administrator for the 457 and 403(b) plans and Fidelity Investments is the administrator for the State Defined Contribution Plan and Municipal Defined Contribution Plan. Whether the firms are eligible to rebid could not be learned by press time.

Proposals are due at 4 p.m. EST on March 3. A timeline for a hiring decision was not provided.

The RFP is available on the treasurer’s website.

Linda Wortman, purchasing agent, did not return a phone call by press time.