Arizona University System, Tucson, rehired Fidelity Investments and TIAA-CREF as record keepers of its $617 million 403(b) plan, said Ted Nasser, procurement and contracting services director.
The university system issued an RFP in December; it is required to put services up for bid every five years. The incumbents were Fidelity, TIAA-CREF and VALIC.
VALIC, which rebid for the services, was a finalist. Mr. Nasser said Fidelity will be the primary provider, with TIAA-CREF as the “secondary fund provider” with an investment lineup limited to TIAA-CREF funds.
