Phoenix Employees' Deferred Compensation Board will conduct separate searches for a record keeper and a stable value fund manager before the end of the year, confirmed Kathy Schelbrock, senior human resources analyst for the city.
The searches will be conducted due to the city's regulation that services must be put out to bid at least once every five years. The current record keeper is Nationwide Financial, and the current stable value fund manager is Morley Capital Management. Both will be invited to rebid.
The board oversees the city's $1 billion 457 plan and $258 million 401(a) plan.
Ms. Schelbrock said the board approved issuing the RFPs no earlier than mid-November.