Hillsboro, Ore., is searching for at least one bundled provider for its 457 deferred compensation plan, confirmed Bill Tugaw, president and CEO of SST Benefits Consulting, which is the consultant to the plan.
Incumbents ICMA-RC, Nationwide Retirement Solutions and Oregon Savings Growth Plan are invited to rebid. The city wanted to perform a due diligence review of providers, Mr. Tugaw said.
The Oregon Savings Growth Plan is a $1.4 billion 457(b) plan operated by the $66.3 billion Oregon Public Employees Retirement Fund, Salem.
The Hillsboro 457 plan has about $19.6 million in assets. The city is considering moving to a sole provider or continuing with multiple providers.
The RFP is available on a state procurement website. Registration is required. Proposals are due at 4 p.m. PST Jan. 27. A hiring decision is expected in March.