Virginia Retirement System, Richmond, is accepting bids for one record keeper for all of its defined contribution plans, which include a 457 plan, a 401(a) and an optional savings plan for political appointees.
The contract will also cover a new hybrid defined benefit plan that starts for new employees hired on or after Jan. 1, 2014. The mandatory hybrid plan, which also has a defined contribution component, calls for total employee contributions of 5% of pay and will include local municipalities and other entities not currently in the system.
Current record keeper ING, whose five-year contract expires Dec. 31, 2013, is eligible to rebid.
The RFP is available on the system's website. Proposals are due at 2 p.m. EST Dec. 14.
“We would hope to have the new contract awarded sometime in late spring, so there could be some transition” before January 2014, said purchase manager Robert Fothergill in a telephone interview.
As of June 30, the 457 plan had $1.53 billion in assets, the 401(a) plan had $259.7 million and the optional savings plan had $7.5 million.