Austin (Texas) Deferred Compensation Plan hired ING U.S. Retirement Services as bundled provider for the city’s $235 million 457 plan, confirmed Arturo Alfaro, the city’s treasurer.
The firm replaces Great-West Retirement Services, which was allowed to rebid. In an interview, Mr. Alfaro said the city didn’t have any dispute with Great-West. He said ING was in a “neck-and-neck” contest with Great-West but won out because ING had better investment options.
Mr. Alfaro said the city hasn’t decided on how many investment options will be available through ING, but he said participants will have at least the 20 choices now offered by Great-West.
ING begins in October. An RFP was issued about 10 months ago.