Washington Department of Retirement Systems, Tumwater, is searching for a defined contribution plan search consultant to assist in preparing and evaluating an RFP for third-party record keepers, confirmed Shawn Merchant, assistant director, policy and strategic initiatives.
The consultant will assist in the record-keeper search for a $1.5 billion 457 plan and three hybrid pension funds that have a DC component. Great-West Retirement Services is the record keeper for the 457 plan and ICMA-RC, for the three hybrid plans with more than $3 billion in combined DC assets. The contracts expire June 30, 2015. Mr. Merchant said the RFPs will likely be issued about six months before the contracts expire.
Mercer served as consultant in a similar capacity for a 2010 search but was not kept on retainer. Mercer can bid again, Mr. Merchant said.
The RFP is available on the department’s website. Proposals are due at 4 p.m. PST Nov. 15. A hiring decision is expected on Dec. 5.