Virgin Islands Government Employees' Retirement System, St. Thomas, is searching for a bundled provider for its 457(b) deferred compensation plan and 403(b) plan, according to an RFP by the $1.3 billion system.
The DC plans were created as part of the 2005 Retirement Reform Act and are now being implemented, said Austin L. Nibbs, administrator, in an e-mail.
The bundled provider “is for a supplemental program similar to a 401(k),” he said. “It would be another plan in addition to the DB plan for our members to contribute to.”
Mr. Nibbs did not have the asset sizes of the plans by press time.
The RFP, issued Thursday, is available on the system's website.
Proposals are due at 4 p.m. AST Jan. 27.
Separately, Bruce Thomas was named the system's investment officer and will lead its new investment unit, according to the fund's website.
Mr. Thomas will report to Mr. Nibbs, administrator.
Mr. Thomas was a pension investment analyst at the $4 billion Milwaukee City Employes' Retirement System. He is originally from the U.S. Virgin Islands.
Efforts to reach Tom Rick, chief investment officer at Milwaukee, were unsuccessful.