Denver City & County Deferred Compensation Plan hired TIAA-CREF as bundled provider, confirmed Susan Judah, secretary of the deferred compensation committee.
TIAA-CREF replaces MassMutual, ICMA-RC and Prudential. All three incumbents rebid. The transition will begin Jan. 1.
The hire is contingent on negotiations as well as a change in a municipal ordinance that requires the $550 million 457(b) plan to have at least two service providers. Ms. Judah said a request to change the ordinance to “one or more providers” was sent to the Denver City Council on Aug. 5 and a vote is expected within the next month.
TIAA-CREF's sole provider proposal results in $1.3 million in savings over the five-year contract compared to the best two-provider proposals, according to the plan's website.
An RFP was issued May 1. Innovest Portfolio Solutions assisted with the search.