Southeast Michigan Council of Governments, Detroit, is searching for record-keeping and custody services for the local government association's $4.8 million 457 plan and $2.1 million profit-sharing plan.
Wells Fargo Institutional Trust now provides both services, according to RFP documents on SEMCOG's website.
The search is being handled by SEMCOG's consultant, Gallagher Retirement Services. Responses are due Nov. 20. A selection date remains to be determined, according to the RFP.
Michael Iley, a client relationship consultant based in the Birmingham, Mich., office of Gallagher, did not return a call seeking more information about the SEMCOG search, including whether Wells Fargo is permitted to rebid, whether record-keeping and custody services might be unbundled, or whether the successful bidder also will provide investment management options for the two plans.