South Carolina scouting for investment consultant for DC plans

South Carolina Public Employee Benefit Authority, Columbia, is searching for an investment consultant for its optional retirement program and deferred compensation program with approximately $5.7 billion in assets combined, said an RFP on the state's purchasing website.

The reason for the search and information on current consultants could not immediately be learned. Empower Retirement is the record keeper for the deferred compensation program. MassMutual Financial, MetLife, TIAA-CREF and VALIC are the record keepers for the optional retirement program.

The RFP is available on the state's purchasing website.

Proposals are due by 2:30 p.m. EDT on May 31. A hiring decision is expected on June 7.

A purchasing official could not immediately be reached for additional information.