Florida State Board of Administration, Tallahassee, issued an invitation to negotiate in a search for a record keeper for the state's $8.1 billion 401(a) defined contribution plan, called the Florida Retirement System Investment Plan.
Aon Hewitt, the incumbent, can rebid, said John Kuczwanski, FSBA communications manager. Its contract expires Jan. 15, triggering the search, Mr. Kuczwanski added.
The FSBA, which oversees $164 billion in assets, including the 401(a) plan, intends to hire only one firm, according to the ITN. Under the ITN criteria, the record keeper cannot provide investment management to the plan or be affiliated with an investment manager for the plan.
R.V. Kuhns & Associates, an investment consultant to the FSBA, is assisting with the search.
The ITN is available at the FSBA's website. Notifications of intent to respond are due Sept. 16. Responses are due Oct. 7. The FSBA expects to make a decision Dec. 6.