Vero Beach, Fla., hired ICMA-RC as bundled provider of its new 401(a) plan, said John O'Brien, city purchasing manager.
The hire is pending final approval by the Vero Beach City Council; Mr. O'Brien had no further information when the final approval would take place.
The city issued an RFP in December following the creation of the General Employees Defined Contribution Plan, which goes into effect on Oct. 1. The General Employee Retirement Plan, a defined benefit plan with about $60 million in assets, will be frozen on Sept. 30.
Other finalists were Florida League of Cities and ING U.S. Retirement Solutions, which is now known as Voya.
