Fairbanks, Alaska, is searching for a bundled provider for its 457(b) deferred compensation plan, confirmed Scott Gardner, institutional sales manager and senior investment adviser at Pacific Portfolio Consulting, consultant to the plan.
The city is looking to move to a single provider from five. The current providers are ICMA-RC, MassMutual, Lincoln Financial Group, Fidelity Investments and Nationwide Retirement Solutions. All five are invited to rebid. The contracts are not expiring; the city just wants to move to one provider, Mr. Gardner said.
The plan has $23 million in assets.
The RFP is available on the city’s website. Proposals are due at 4:30 p.m. Alaska Daylight Time on March 14. A hiring decision is expected by May 15.
