Salt Lake City wants to reduce number of DC providers

Salt Lake City is searching for one or two providers for its 457 and 401(a) plans, a purchasing official said.

ICMA-RC, Nationwide Retirement Solutions, Voya Financial and Empower Retirement are the current 457 record keepers. ICMA is also the record keeper for the 401(a) plan. The 401(a) and 457 plans have $35.2 million in assets combined.

The search is being conducted for consolidation purposes, and the incumbents are invited to rebid, the official said.

The proposal is available on the state’s procurement website. Registration is required. Proposals are due by 3 p.m. MDT on June 13. A hiring decision could be reached in July or August.

Consultant Kestra Advisory Services is assisting with the search.