The Los Angeles City Council Tuesday vetoed the Los Angeles Deferred Compensation Plan's hiring of Nationwide Retirement Solutions as administrator of the $1.8 billion plan, according to Steven Montagne, senior personnel analyst for the plan. The board had voted 4-2 to replace current administrator Great-West Retirement Services, even though the plan's staff and its consultant, Mercer Investment Consulting, had recommended that the plan rehire Great-West. City Council also recommended that the board change its process for issuing RFPs and make several changes in how it selects administrators before searching for a new administrator, according to Mr. Montagne. The board will consider the recommendations as early as the end of this month.
Hillary Jeffers, Nationwide spokeswoman, said the firm had no comment on the decision.