Rhode Island State Investment Commission named four semifinalists in its search for an administrator for the state's new defined contribution program, according to a news release on the state treasurer's website.
The DC plan will be for members of the $7.2 billion Rhode Island Employees' Retirement System, Providence.
Fidelity Investments, ICMA Retirement, TIAA-CREF and Great-West Life & Annuity Insurance will make presentations on Tuesday. A final choice is expected to be approved by March 1. The four vendors were chosen from 12 proposals submitted in response to an RFP issued Dec. 12. Segal Advisors assisted.
The Rhode Island General Assembly in November approved creating a hybrid retirement plan for the employees' system that will take effect July 1. It is estimated the plan initially will cover about 30,000 government employees and that annual employee contributions will be in the range of $100 million to $150 million.
Dara Chadwick, spokeswoman for the state treasurer's office was not available for additional comment by press time.