North Carolina Public School Teachers' and Professional Educators' Investment Plan, Raleigh, is searching for a record keeper for the new 403(b) plan, confirmed Julia Vail, spokeswoman for state Treasurer Janet Cowell's office.
The state General Assembly passed a bill last year to create the statewide plan for K-12 teachers and employees in the state's public school system in an effort to reduce fees because the individual district plans are more expensive, according to the RFP.
Currently, 115 school systems in the state administer their own 403(b) plans. Each board of education is voting later this year on whether to offer the new state-run plan as the exclusive 403(b) plan, an option alongside the existing plan, or no change.
The selected record keeper will be responsible for providing a menu of investment alternatives, such as stable value, according to the RFP. SST Benefits Consulting will assist with the implementation of the plan. The equity investment options will be selected through a process leveraging the combined efforts of SST, the Supplemental Retirement Plans Board of Trustees, and staff, Ms. Vail said in an e-mail.
The plan will be administered by Ms. Cowell's office and governed by the Supplemental Retirement Plans Board of Trustees.
The RFP is available on the treasurer's website. Proposals are due by July 11. Finalist interviews are slated for the week of July 30, and a hiring decision is expected by the end of September.
