Rhode Island State Investment Commission, Providence, named Great-West Life & Annuity Insurance and TIAA-CREF as finalists in its search for an administrator for the state's new defined contribution program, according to a news release posted on the state treasurer's website.
Fidelity Investments and ICMA Retirement were previously named semifinalists along with the two finalist firms. A decision is expected by the investment commission by March 1.
“We will continue to evaluate the two finalists in the core areas defined in the RFP to determine which offers the best options, fees and level of service for Rhode Island,” said Gina M. Raimondo, state treasurer, in a news release. “Site visits and final evaluations are the next steps in the selection process.”
The Rhode Island General Assembly in November approved creating a hybrid retirement plan — combining defined contribution features within the defined benefit plan — for members of the $7.2 billion Rhode Island Employees' Retirement System, Providence. Most state and municipal employees will become participants of the new defined contribution program, effective July 1.
