North Carolina Retirement Systems, Raleigh, is searching for an investment consultant for its defined contribution plans, according to an RFP.
In addition to investment consulting services for the NC 401(k) Plan, the NC 457(b) Plan and a new NC 403(b) Program, the selected firm would handle provider search and implementation services for record keeping, trust and custodian services, marketing and education, and participant services including financial planning and investment advice. Prudential Retirement currently provides services for the 401(k) and 457(b) plans. TIAA-CREF is the third party administrator for the 403(b) plan. They are eligible to rebid, said Schoor Johnson, spokesman for the North Carolina Treasurer's Office, which oversees the retirement system.
The 401(k) plan had $6.1 billion in assets as of Dec. 31, with $1.8 million in a stable value fund. The NC 457(b) plan had $916 million. The 403(b) plan is a new program starting this quarter.
In contrast to the currently bundled services, the board of trustees decided on an unbundled approach in several phases for the new contracts. In Phase II, which is scheduled to start in December 2015, the consultant's role would change to outsourced investment manager for the 401(k) and 403(b) plans, according to the RFP.
The RFP is available on the treasurer's website.
The plans will host a teleconference for bidders on Dec. 13.
Proposals are due by 2 p.m. EST on Jan. 24. Finalist interviews are scheduled for Feb. 20-21.