Montana University System, Helena, is searching for an investment consultant for its $482.3 million 401(a) and $164.3 million 403(b) defined contribution plans, an RFP posted on the state's procurement website said.
The selected consultant will assist with the transition and implementation of the university's new single record-keeper system, according to the RFP.
Information about a current investment consultant could not be learned by press time.
In June, the system issued an RFP for record keeping, general plan administration, marketing and education services for the plans.
The system currently has a total of five record keepers across the two plans. 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 were invited to rebid.
The RFP is available on a state procurement website. Proposals are due by 2 p.m. MDT on Sept. 12. A hiring date was not specified. A hiring decision for the sole record keeper is anticipated on Oct. 1.
Connie Welsh, director of benefits, did not return a telephone call seeking more information by press time.
