Iowa Department of Administrative Services, Des Moines, is searching for additional service providers for the Retirement Investors' Club's 403(b) plan, according to an RFP posted on the department's website.
There are already six “core” providers for the plan — ING U.S. Retirement Services, Horace Mann, MassMutual, TIAA-CREF, VALIC and Security Benefit. Those providers will remain in place and do not need to respond to the RFP. They are also providers for the RIC's 457 and 401(a) plans, which have a combined $751 million in assets. The 403(b) plan has about $453 million in assets. The RFP is for additional “optional” providers.
According to an addendum of the RFP, “core provider products cannot contain surrender penalties or restrictions.”
The RFP is available on the DAS website. Proposals are due at 3 p.m. CST Jan. 31. A hiring date was not specified.
Nancy Wheelock, purchasing agent, did not return a telephone call for additional information.