Clarke County School District, Athens, Ga., hired Invest-N-U as the first investment consultant of its 403(b) and 457 plans, said Larry Hammel, the school district’s chief financial officer.
The school district issued an RFP in February for its first investment consultant to formulate an investment policy and procedures, as well as to assist in a search for the plans’ first third-party administrator and formalize an investment options lineup with a brokerage option.
The plans, which have an estimated $20 million in assets, have an open policy in which participants can invest their assets with any vendor (if at least 20 participants select that vendor).
Mr. Hammel said Invest-N-U is putting together the investment policy and hopes to have a third-party administrator and investment lineup in place by January. A timetable for issuing an RFP has not been established.