Washington State Department of Retirement Systems, Olympia, will search for record keepers for its $3.5 billion 457 plan, as well as three Plan 3 defined contribution plans whose investments are overseen by the $98.1 billion Washington State Investment Board, Olympia.
The department will issue an RFP on June 23 due to the current record keepers' contracts reaching the maximum number of allowable extensions, said Shawn Merchant, assistant director, policy and strategic initiatives.
Great-West Retirement Services is the current record keeper of the 457 plan, and ICMA-RC is the current record keeper of the other DC plans. Both are invited to rebid.
Interested firms will have the option of bidding for the 457 plan, the three DC plans, or both.
The Plan 3 DC plans are the defined contribution components of hybrid plans of the Teachers' Retirement System, School Employees' Retirement System and Public Employees' Retirement System. The plans had combined assets of $10.4 billion as of March 31.
The RFP will be available on the department's website. Proposals will be due July 25, with a decision expected no later than Oct. 3. The contract starts Jan. 1, 2015.