City of Los Angeles Deferred Compensation Plan hired Nationwide Retirement Solutions as record keeper for the $1.8 billion plan, effective Jan. 1, confirmed an official at the plan who asked not to be identified. Incumbent Great-West was the other finalist. Nationwide will also provide enrollment and marketing services to plan participants, said Hillary Jeffers, Nationwide spokeswoman. The RFP was issued in March.
The plan official said the board approved Nationwide's hiring although staff in the city's personnel department, which administers the plan, and consultant Mercer Investment Consulting recommended retaining Great-West. Stephanie Poe, Mercer spokeswoman, said the company does not comment on client matters.