Montana University System, Helena, is seeking a record keeper for its $482 million 401(a) and $164 million 403(b) defined contribution plans, confirmed Penny Moon, a procurement officer for the state.
The system currently has five record keepers and is looking to consolidate to one record keeper for both plans, according to the RFP. The record keeper will also provide general plan administration, marketing and education services.
The incumbent for the 401(a) plan is TIAA-CREF. The incumbents for the 403(b) plan are ING U.S. Retirement Solutions, MetLife, TIAA-CREF, VALIC and T. Rowe Price. All of the firms are invited to rebid.
The investment lineup is expected to change under the new contract, with the 403(b) plan lineup mirroring the 401(a) plan. There are currently more than 200 total investment options in the plans.
The RFP is available on the state's procurement website. Proposals are due July 18. Interviews are tentatively scheduled for Sept. 4 and 5, with a hiring decision expected on Oct. 1. Record-keeper services will start March 1, 2015, following a transition phase. The three-year contract may be renewed in two-year intervals. The contract and renewals cannot exceed seven years.
