Fort Worth, Texas, hired TIAA-CREF as bundled provider for its 457(b) deferred compensation plan, confirmed Margaret Wise, human resources assistant director.
TIAA-CREF replaces ICMA-RC and Nationwide Retirement Solutions, which were both finalists along with Prudential Retirement. The plan has about $161 million in assets.
An RFP was issued in April. Investment consultant The Retirement Store assisted.
The transition is expected to be completed by April 1, with an entirely new investment lineup, Ms. Wise said.