Chicago Transit Authority is searching for a third-party administrator for its 457 and 401(k) plans, said an RFP on the CTA's procurement website.
The selected firm will provide record keeping, enrollment, education and communication services, according to the RFP.
The reason for the search, along with whether ICMA-RC, the current administrator, can rebid, could not be learned by press time.
The RFP is available on the CTA's procurement website. Proposals are due by 3:30 p.m. CDT on July 13. A timeline for a hiring decision was not disclosed.
As of March 31, the 457 and 401(k) plans had about $423 million in combined assets.
Separately, the transit authority is searching for an outsourced CIO or investment consultant for its frozen $42 million supplemental defined benefit plan.
The reason for the search, along with whether there is an incumbent could not immediately be learned.
The RFP is also available on the CTA's website. Proposals are due by 3:30 p.m. CDT on June 29. A timeline for a hiring decision was not disclosed.
The pension fund has a target asset allocation of 75% equities and 25% fixed income.
Patrick McKenna, senior procurement administrator, could not be reached for additional information on the searches by press time. A CTA spokesman could not immediately provide additional information.
