Middletown, R.I., is searching for a bundled provider for its existing 457(b) plan and new 401(a) plan, confirmed Lynne Dible, finance director.
The town is looking to hire one provider for both plans for record keeping, administration, investment management and communication. The $3.7 million 457 plan currently has six providers — ING, AXA Equitable, ICMA-RC, Lincoln National Life, New England Financial and Nationwide Retirement Solutions. They are all invited to rebid.
The contract is for three years. The town is looking to implement the new structure July 1.
The RFP is available on a municipal procurement website at www.cityofnewport.com/vendor/vendor_bid_detail.cfm?new_bid_ID=1564. Proposals are due at 10 a.m. EST Feb. 28. A hiring decision is expected in April.
