Washington States Department of Retirement System, Olympia, issued an RFP for a third-party administrator for its new optional defined contribution plan and plans to issue a separate RFP for an education provider by the end of the year. The third-party administrator will have record-keeping and administrative duties but will not provide investment options; proposals are due Oct. 20.
The RFP is available through the systems website at www.wa.gov/drs/agency/vendors/.
The new optional defined contribution plan will have an estimated 150,000 participants, with 40% of eligible state employees participating.
The system expects to issue RFPs for the investment managers later this year.