The Rhode Island State Investment Commission, Providence, is issuing an RFP for an administrator for the Rhode Island State Employees' 457 tax-deferred compensation plan.
Aetna Life and Variable Life Annuity are the current providers of annuities for the $83.6 million plan; they will be allowed to compete. Recent legislation has made it possible for the commission to look for a single provider with more investment options, said Steve Klamkin, spokesman.
Potential administrators need to offer no-load mutual funds, a selection of funds from more than one family, record keeping and education.
A deadline for responses to the RFP has not been set.