Rhode Island seeks providers for 2 state DC plans

Rhode Island is searching for providers for its $585 million 401(a) plan and its $335 million 457(b) deferred compensation plan, said Evan England, spokesman for state Treasurer Seth Magaziner.

Services sought include record keeping/administration, communication/education, onsite education, investment advisory, investment management and custodial trustee services.

The searches are being conducted because the state's contracts with its current vendors are set to expire soon.

Fidelity Investments, VALIC and Voya Financial are the current vendors providing services for the deferred compensation plan, while TIAA-CREF is the service provider for the 401(a) plan. All firms are invited to bid, said Mr. England.

Investment consultant Segal Marco Advisors is assisting.

The RFP is on the state treasurer's website.

Proposals are due by 5 p.m. EST on March 7. A selection is expected to be made by late April.