City of Los Angeles Deferred Compensation Board will likely issue a new RFP for a deferred compensation/pension savings plan administrator next month, said Steven Montagna, senior personnel analyst for the $2.3 billion 457(b) plan. The RFP is expected to be submitted to the board for approval at its June 20 meeting. The board cancelled a 2-month-old search for an administrator on Tuesday following a recommendation from the Los Angeles City Attorney's office. City officials learned that a former consultant who had been instrumental in developing the RFP had recently been employed by one of the firms likely to submit a proposal, Mr. Montagna said. "There were no allegations of improprieties having occurred," he added.
The RFP in the cancelled search was issued March 15, after the hiring of the firm selected in a search originally undertaken in June 2004 was overturned in October 2004 by the Los Angeles City Council because of perceived improprieties in the selection process.
If approved, the new RFP will be issued in late June. It will be available at www.lacity.org/per/DeferredComp/Deferred_Comp_Main%20Page.htm.
