University of Massachusetts System, Boston, is searching for a plan design consultant to develop a strategic plan for restructuring the eight defined contribution plans the system administers, confirmed Deborah Fisher, procurement services manager.
The system is looking to potentially consolidate providers and investment options with a simplified design to manage the plans in a more cost-effective manner, according to the RFP.
The selected firm will not serve as an investment consultant. Once the strategic plan is completed, the system plans to issue an RFP for an investment consultant to help implement the plan.
The eight DC plans have a combined $645 million in assets. Fidelity, TIAA-CREF and VALIC are the providers for the various plans.
The RFP is available on the university's website. Proposals are due at 2 p.m. EDT Oct. 30. A hiring decision is slated for Dec. 16.
