Ameriprise Financial Inc., Minneapolis, will issue RFPs for a record keeper and investment consultant for its 401(k) plan as part of a settlement reached Thursday with participants in the plan.
In a preliminary agreement that must be approved by a federal district judge, the settlement calls for Ameriprise to issue the RFPs within one year of the official settlement date.
The current record keeper for the $1.58 billion plan, Wells Fargo Institutional Retirement and Trust, and investment consultant DeMarche Associates will be permitted to rebid, according to the settlement document.
Ameriprise had not issued RFPs for either job in the past.
“The settlement does not require any changes to our plan, which will maintain the existing broad and competitive selection of investment options and features,” John Brine, an Ameriprise spokesman, wrote in an e-mail.