Capital Metropolitan Transportation Authority, Austin, Texas, is searching for a bundled provider for its 401(k), 457(b) and defined benefit retirement plans, according to an RFP posted on procurement website Onvia DemandStar.
Prudential Retirement Services is the current provider for the $11.5 million 401(k) plan and $16.3 million DB plan. Principal Financial Group is the current provider for the $4 million 457(b) plan. It could not be learned by press time whether the firms may rebid. However, the agency anticipates hiring one provider for all plans.
Gallagher Retirement Services is assisting with the search. Cornerstone Advisors serves as investment consultant.
The selected firm will provide an open architecture institutional investment menu, trust and custodial services, record keeping, administration, legal and compliance services, and actuarial services for the pension fund, according to the RFP.
The RFP is available on Onvia DemandStar's website. Proposals are due at 3 p.m. CST Dec. 6. A hiring decision is expected in February.
Jean Burnett, contracts administrator II, did not return a telephone call by press time.