Stockton, Calif., is searching for a bundled provider for its three defined contribution plans, confirmed Sheri Dentone, deferred compensation specialist.
Stockton administers three DC plans — a $164 million 457(b) plan, $3 million 3121 plan and $2.6 million 401(a) plan. MassMutual is the provider for the 3121 and 401(a) plans as well as $152.6 million of the 457 plan. ICMA-RC is the provider for the remaining 457 plan assets. Both firms are invited to rebid. Their contracts expire April 1.
The three plans have the same investment lineup with 68 options, Ms. Dentone said. The city expects the hired provider to use a new lineup created by the deferred compensation committee and consultant SST Benefits Consulting that consists of 22 existing investment options, in addition to a series of target-date funds.
The city is considering three scenarios for the RFP — a single provider for all existing assets, a single provider for all new deferrals and unencumbered assets or multiple providers, according to the RFP.
The RFP is available on Stockton's website. Proposals are due at 2 p.m. PST Dec. 19. A hiring decision is expected on Feb. 25.