University of Texas System, Austin, is searching for bundled service providers for its defined contribution and deferred compensation plans.
The university will hire a minimum of four vendors to provide services including investment management options, self-directed brokerage and variable annuities; participant education and support; and record keeping, according to the RFP.
UT system offers a 415(m), 457(b) and two 403(b) plans in the UT Retirement Program and two 457(f) non-qualified deferred compensation plans.
Karen Adler, a UT System spokeswoman, said the size of the retirement plans was not available.
The contracts of the five existing service providers expire on Aug. 31. The firms — Fidelity Investments, Lincoln Financial Group, TIAA Financial Services, VALIC and Voya Financial — will be permitted to rebid for three-year contracts that begin Sept. 1, Ms. Adler confirmed. The new contracts will include a three-year renewal option.
Proposals are due by 2:30 p.m. CDT on March 22. A specific hiring date has not been set, Ms. Adler said.