Ocala, Fla., is searching for a bundled provider for the city's 457 plan and a new 401(a) plan, confirmed Corrin Fitsemons, lead buyer for the city's procurement department.
The city issued an invitation to negotiate for a firm to provide administrative, custodial and investment services because of the new 401(a) plan, which will open Oct. 1. Effective the same date, the $94 million Ocala (Fla.) General Employees' Retirement System defined benefit plan will be closed to new hires.
ICMA-RC, the incumbent provider for the 457 plan, is invited to bid. Ms. Fitsemons did not have asset information on the 457 plan.
The ITN is available on the city's website.
Proposals are due at 2 p.m. EDT on July 17. A five-year contract is scheduled to begin on Sept. 1.
