North Dakota Public Employees Retirement System, Bismarck, hired TIAA-CREF as record keeper and bundled plan service provider for its $35 million 457(b) deferred compensation plan and $20 million 401(a) defined contribution plan, confirmed Sparb Collins, executive director of $1.7 billion system.
Incumbent Fidelity Investments was invited to rebid, Mr. Collins said in a telephone interview.
Mr. Collins said the system conducted the search to see what was available in the market. “We were happy with Fidelity, but TIAA-CREF had these advantages,” he said.
He said TIAA-CREF was chosen because it did not have record-keeping fees, it offered a significant increase in the number of days — to 180 from 20 — the company would provide on-site counseling, and the range of counseling was expanded.