Wayne State University, Detroit, is searching for an investment consultant for its 401(a), 403(b) and 457 defined contribution plans that had aggregate assets of $1.5 billion as of Dec. 31.
According to the RFP, the contract for traditional defined contribution investment consulting services will be for one year, beginning in fall 2014, with a possible one-year extension beginning in fall 2015, the RFP said.
Services sought include development and implementation of an investment committee, and investment policies and guidelines; assistance with selection of investment options in the retirement plans; quarterly performance analysis and monitoring; and risk management assistance.
WSU now uses two investment providers that offer university participants more than 400 investment options in either mutual fund or annuity contract vehicles. The providers were not identified.
The RFP does not indicate whether the university currently uses an investment consultant that may rebid on the contract or if the appointment is for a new DC plan function.
Brett C. Green, senior director, total compensation and wellness, in WSU's human resources department, did not return a call by press time seeking additional details.
The RFP is available on WSU's website. Proposals are due by 4 p.m. EDT May 9. The selected consultant will be announced during the week of May 30, the RFP said.