North Carolina Public School Teachers' and Professional Educators' Investment Plan, Raleigh, reissued an invitation to bid for a record keeper for the new 403(b) plan, confirmed Heather Strickland, spokeswoman for state Treasurer Janet Cowell.
The RFP was first issued in May and the treasurer's office received four bids. However, all the bids were disqualified for “material ambiguities, inconsistencies or conditions placed by the bidder upon mandatory prerequisites stated in the ITB document,” according to a statement sent to the bidders and provided to Pensions & Investments by Ms. Strickland.
Cost proposals and performance guarantees “appear to have caused confusion,” and the treasurer's office acknowledged the instructions in the bid document “were not as clear as they could have been,” according to the statement.
The new invitation clarifies mandatory conditions and was sent again to the bidders.
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 403(b) plans are more expensive. The selected record keeper will be responsible for providing a menu of investment alternatives, such as stable value. SST Benefits Consulting will assist with the implementation of the plan.
The plan will be administered by Ms. Cowell's office and overseen by the Supplemental Retirement Plans board of trustees.
The new invitation to bid is available on the treasurer's website. Proposals are due Oct. 11, and finalist interviews are slated for Nov. 8.