Washington, D.C., hired ICMA-RC as record keeper for the district’s 457 and 401(a) plans with combined assets of $1.3 billion, said Jeffrey A. Barnette, deputy chief financial officer and treasurer.
Mr. Barnette said in an e-mail that the contract with ICMA-RC was signed earlier this month and will take effect Aug. 1. The contract is for five years with a pair of two-year extension options, he added.
ICMA-RC will replace Voya Financial as the record keeper for both plans, Mr. Barnette wrote.
Washington, D.C., issued an RFP nearly two years ago. Voya and Empower Retirement were the other finalists.
“We will hire new investment managers as part of the transition,” Mr. Barnette wrote. “The lineup of investment options will be the same for participants in the 401(a) and 457 plans,” featuring approximately 15 mutual funds, one stable value fund and one target-date fund series.