Florida Employees Deferred Compensation Plan, Tallahassee, is searching for up to five investment providers and one participant-directed brokerage provider, according to an invitation to negotiate, issued by the Florida Department of Financial Services, which oversees the plan.
The 457(b) plan, which has $2.6 billion in assets, is seeking a diversified set of investment options from each provider, including domestic and international equity funds, active and passive; fixed-income funds; and target-date funds.
The current providers can rebid. They are Great-West Retirement Services, with 15 investment options managed by 13 managers; ING North America Insurance, 15 options, 12 managers, including an ING-managed intermediate government bond option; Nationwide Retirement Services 17 options, 11 managers; T. Rowe Price, 13 options, all managed by the firm; and VALIC, 19 options, managed by 12 managers.
Each also offers a set of target-date funds. Great-West, Nationwide and VALIC don't manage any of the options.
In addition, Charles Schwab provides a participant-directed brokerage account.
The invitation to negotiate is the result of a plan policy to search for investment providers every five years.
No consulting firm is assisting. Staff is handling the search and evaluation.
The ITN is posted at www.myfloridamarketplace.com under the agency administration tab, connecting to the departmental purchasing link.
Proposals are due Aug. 26. The Florida Department of Financial Services expects to make a decision Sept. 20. The new contracts will start Jan. 1.