Virginia Retirement System, Richmond, is searching for a third-party administrator for its approximately $910 million Optional Retirement Plan for Higher Education, said spokeswoman Jeanne Chenault in an e-mail.
The search follows VRS’ desire to change the plan’s structure to unbundled from bundled, lower fees and improve overall plan management and transparency, Ms. Chenault wrote .
Incumbent providers Fidelity Investments and TIAA-CREF are invited to rebid.
Some existing investment options could remain under the new structure; a brokerage account option will be added, the RFP said.
The RFP is available on the state’s procurement website. Registration is required. Proposals are due by 3 p.m. EDT on July 30. A hiring decision is anticipated in October.