Virginia Retirement System, Richmond, hired ICMA-RC as record keeper for its defined contribution plans plus a new hybrid plan, effective Jan.1, 2014.
Current record keeper ING, whose five-year contract expires Dec. 31, 2013, was eligible to rebid.
The $55.5 billion retirement system's defined contribution plans are the Commonwealth of Virginia 457 and Cash Match Plans and three 401(a) plans: the Optional Retirement Plan for School Superintendents; the Optional Retirement plan for Political Appointees; and the Virginia Supplemental Retirement Plan.
The ICMA-RC contract will also cover a new mandatory hybrid plan that starts for new employees hired on or after Jan. 1, 2014; current employees may elect to transfer to the new plan. ICMA-RC will help VRS officials inform participants and employers about the hybrid plan.
VRS spokeswoman Jeanne Chenault could not be reached for comment.
