Orange County Human Resource Services, Employee Benefits Division, Santa Ana, Calif., is searching for a bundled provider for its five defined contribution plans, confirmed Barbara Voelkel, deputy purchasing agent.
The selected firm will also serve as administrator for a $4.5 million defined benefit plan for extra-help employees. The DB plan was closed in 2002 and frozen in 2008. The county now administers the plan.
Great-West Retirement Services is the current provider for a 457, 401(a) and 3121 plan. TIAA-CREF is provider for another 457 and 401(a) plan. Both can rebid. Their contracts expire June 30, Ms. Voelkel said in an e-mail. The county plans on hiring one provider for all plans, which have a combined $1.2 billion in assets.
The Great-West plans have 19 investment options in addition to a series of target-date funds; TIAA-CREF-administered plans have 14 options in addition to target-date funds.
Investment consultant Mercer is assisting.
The RFP is available on procurement website BidSync. Proposals are due at 4 p.m. PDT Oct. 24. Presentations are slated for the second week of December. A hiring date has not been determined.