Los Angeles County is searching for a third-party administrator for its four defined contribution plans, confirmed James Hazlett, analyst in the county’s chief executive office.
The selected firm will provide plan administration, record keeping, trustee, marketing and communication services for the four plans with a combined $8.7 billion in assets.
The incumbent TPA, Great-West Retirement Services, and incumbent trustee, Wells Fargo, can both bid on the RFP. The trustee services are being combined into the overall TPA. Great-West’s contract expires June 30.
The county’s 457(b) Horizons and 401(k) Savings plans, which hold 98% of the assets, have 11 investment options in addition to a series of target-date funds. The 457(b) Pension Savings plan just has one stable value option, and the 401(a) Termination Pay Pick Up Plan has only one bank depository account.
Mercer is assisting with the search, Mr. Hazlett said.
The RFP is available on the county’s website. Proposals are due at noon PST Nov. 19. The evaluation committee will make a recommendation in mid-February, with full board approval expected in May.
