Tennessee Department of the Treasury, Nashville, is searching for a third-party administrator for the state's 457 and 401(k) plans, and 529 college savings plan.
The contract with Great-West Retirement Services, the plans' current third-party administrator, expires on Dec. 31, wrote Blake Fontenay, spokesman for David H. Lillard Jr., state treasurer, in an e-mail. Great-West is invited to rebid.
Also, the treasurer's office is searching for an investment advice provider for the 457, 401(k) and 529 plans and the state's new hybrid retirement plan for employees hired on or after July 1, 2014. Mr. Fontenay wrote that “the state recognizes that holistic financial education is vital to helping these employees, as well as all participants in its retirement programs, become retirement ready.”
The 457 and 401(k) plans have a combined $2 billion in assets and the 529 plan, $11 million.
The alternate procurement solicitation is available on the National Association of State Treasurers' website. Proposals are due at 3 p.m. CDT on May 30. Finalist interviews are tentatively scheduled for June 21-22, with implementation scheduled for Sept. 2.
