University of Massachusetts System, Boston, is searching for a record keeper for its defined contribution plans, said Matt Wamback, human resources operations manager, in an e-mail.
The system is “only considering proposals from record keepers that can offer an overlay record-keeping service that supports an additional record keeper and synthesizes the dual offering to provide plan participants with a uniform plan experience, and the plan sponsor with a highly supported program from an administrative perspective,” said Mr. Wamback.
The current record keepers are Fidelity Investments, TIAA-CREF and VALIC for the $715 million 403(b) Elective Deferral Savings Plan. Various combinations of the three firms provide record-keeping services for eight other DC plans, which have combined assets of $102 million.
All three firms are invited to rebid.
The RFP is available on the system’s website. Proposals are due at 2 p.m. EDT on May 14. Finalist presentations are scheduled for June 18, with a decision tentatively scheduled for June 29.
