Memphis, Tenn., is searching for a bundled provider for its $260 million 457 plan, as well as a new 401(a) plan, said a request for qualifications posted on the city’s website.
The city expects to hire one firm for both plans; Nationwide Financial is the 457 plan’s current provider.
The 401(a) plan begins on July 1, 2016. New hires and current employees with less than 7½ years of service, who would previously have been part of the $2.2 billion Memphis City Retirement System, will be moved to the new plan, which is part of a new hybrid retirement structure, as of that date.
Whether Nationwide is invited to bid could not be learned by press time.
Proposals are due at 2 p.m. CDT on June 26. A decision is expected during the week of Aug. 24, with a contract start date of Jan. 1.
The RFP is available on the city’s website.
Sam Johnson, the city’s investment manager who oversees the retirement plans, did not return phone calls by press time.