San Francisco City & County Employees' Retirement System staff has recommended the system hire Prudential Financial as third-party administrator and Galliard Capital Management as stable value manager for its $2.4 billion 457 plan.
Norm Nickens, secretary to the retirement board, said the recommendations will be taken to the deferred compensation committee for a vote at its meeting this Wednesday. Any vote by the committee will need to be approved by the system's board of trustees, with the hiring process likely to be completed by mid-September, said Mr. Nickens in a telephone interview.
Great-West Retirement Services is the plan's current third-party administrator and stable value manager and was invited to rebid. The retirement system had issued an RFP in December because of a legal requirement that RFPs are issued every five years.
Mr. Nickens would not provide further information on bidders or finalists because the retirement system is “still in an open RFP process.”