Oakland County Retirement and Deferred Compensation Board, Waterford, Mich., rehired bundled providers ICMA-RC for its $327 million 401(a) plan and Fidelity Investments for its $189 million 457 plan, confirmed Judy Fandale, retirement administrator.
The board voted Aug. 23 to retain both providers. The plans' investment subcommittee on July 25 had recommended hiring Fidelity to provide for both plans.
Laurie VanPelt, county director of management and budget, had expressed concern at the July 26 board meeting about “potentially increasing the risk of the plan by relying on just one record keeper,” according to minutes of the July meeting.
The providers' new five-year contracts begin on Jan. 1, according to Ms. Fandale.