Stockton, Calif., hired MassMutual Financial as sole bundled provider of its three defined contribution plans, confirmed Sheri Dentone, deferred compensation specialist.
The city issued an RFP in November due to the April 1 expiration of contracts with ICMA-RC and MassMutual.
The three DC plans are the $164 million 457(b) plan, $3 million 3121 plan and $2.6 million 401(a) plan. MassMutual already was provider for the 401(a) and 3121 plans and for $152.6 million of the 457 plan assets. ICMA-RC was the provider of the remaining 457 plan assets. ICMA-RC did rebid but was not a finalist.
Other finalists were ING U.S. Retirement Solutions and VALIC.
