Minnesota State Retirement System, St. Paul, hired Empower Retirement as record keeper for its $5.8 billion 457 plan, effective July 1.
Voya Financial was the previous record keeper, said Susan Barbieri, retirement system spokeswoman. The firm rebid.
The retirement system searches for a record keeper every five years, as required by state law, Ms. Barbieri said. The system issued an RFP last year.
The plan has 11 core investment options and a series of State Street Global Advisors target-date funds.