Chicago Metropolitan Water Reclamation District is searching for a bundled provider for its 457 deferred compensation plan, confirmed James Fisher, compensation and benefits manager.
ICMA-RC is the current provider for the $196 million plan and is invited to rebid. Its contract expires June 30.
The selected firm will provide record keeping, administration, investment management, communication and education, according to the RFP. The district has sole discretion to select investment options, but firms can propose an alternative stable value fund, which is currently managed by ICMA-RC. Mr. Fisher said it is likely the plan will use the stable value fund of whatever provider is hired.
The 457 plan has 13 investment options in addition to a series of target-date funds and a brokerage window.
Investment consultant Segal Rogerscasey is assisting.
The RFP is available on the pension fund’s website. Proposals are due at 11 a.m. CDT March 21. A hiring decision is expected on June 5. The contract will start July 1.