Vero Beach, Fla., named three finalists in its search for a bundled provider for its new 401(a) plan, confirmed John O’Brien, city purchasing manager.
The city issued an RFP in December. The finalists are the Florida League of Cities, ICMA-RC and ING U.S. Retirement Solutions.
The plan, the General Employees Defined Contribution Plan, will go into effect on Oct. 1. The General Employee Retirement Plan, a defined benefit plan, will be frozen on Sept. 30.
The General Employee Retirement Plan had $57 million in assets as of Sept. 30, 2012, the most recent data available.
Mr. O’Brien said the finance commission will issue a recommendation to the Vero Beach City Council, and he hopes a final decision will take place in about a month.