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Defined Contribution

Jacksonville names three finalists in its search for DC plans’ provider

Jacksonville, Fla., named three finalists in the search for a bundled provider for its $158 million 457 plan and $24 million 401(a) plan, said Tia Ford, city spokeswoman, in an email.

The city issued an RFP in March as part of its practice to review vendors periodically. Current provider Empower Retirement is a finalist along with MassMutual Financial and Nationwide Financial, Ms. Ford said. Finalist presentations are scheduled for the week of Sept. 11, although Ms. Ford said the city might reschedule pending weather affected by Hurricane Irma. A timeline for a decision was not provided.

The 401(a) plan is optional to current city workers; employees hired on or after Oct. 1 will be entered into the plan automatically following the closure of the $2 billion Jacksonville City Retirement System and $1.8 billion Jacksonville Police & Fire Pension Fund.