San Mateo, Calif., staff is recommending hiring Voya Financial as the sole third-party administrator for its $50 million 457 plan and $3 million 3121 Social Security replacement plan, said Jay Castellano, the city's interim benefits officer, in an e-mail.
The recommendation by staff and SST Benefits Consulting, which is assisting with the search, is expected to go to the City Council by Jan. 20, Mr. Castellano said.
The city issued an RFP in June because it wished to go to a single provider. Incumbents ICMA-RC and MassMutual Financial are the other finalists.
