Capital Metropolitan Transportation Authority, Austin, Texas, hired Lincoln Financial Group as bundled provider for its 401(k), 457(b) and defined benefit retirement plans, confirmed Jean Burnett, contracts administrator II.
Lincoln Financial replaces Prudential Retirement Services as provider for the $11.5 million 401(k) plan and $16.3 million defined benefit plan, and Principal Financial Group as provider for the $4 million 457(b) plan.
Prudential, VALIC and Standard Retirement Services were finalists. Principal did not rebid, Ms. Burnett said in an e-mail.
Gallagher Retirement Services assisted with the search. An RFP was issued in November.