TIAA-CREF filed a formal protest with Floridas State Board of Administration over the states outstanding RFI for third-party administrator for its new defined contribution plan, said Tom Herndon, the state boards executive director. American General/VALIC on Oct. 31 gave notice it will file a similar protest; it must file a formal written protest by the end of the day today. TIAA-CREF would not comment further on why the protest was filed. The RFI was issued Oct. 26, and responses are due by Nov. 22. An outstanding RFI for education/advice vendor, due Nov. 15, is unaffected by the protest. American General/VALIC could not be reached for comment by press time.
The board is formulating a response to the protest, which ultimately will be decided by an administrative law judge under Florida law, Mr. Herndon said. The judge could change the type of provider chosen for the new plan, which is expected to begin with $10.8 billion in assets, he said.