South Carolina Deferred Compensation Program, Columbia, will interview finalists in June for a manager to run a stable value separate account of undetermined size for the states $791 million 457 plan, $726 million 401(k) plan and $31 million 403(b) plan. A selection is expected by the end of June.
Record keeper Great West currently manages $52.3 million in GICs for the plan, and Metropolitan Life, $365 million. The new manager initially will be funded from cash, and it may be permitted to negotiate with Great West and MetLife to buy out their existing contracts.
Watson Wyatt is assisting.