Massachusetts 403(b) Elective Deferral Savings Plan, Boston, is searching for record keepers, said an RFP posted on the state’s procurement website.
The $225 million 403(b) plan issued an RFP because it “engages in a competitive bidding process from time to time to determine which providers and products should be made available under the plan,” the RFP said.
The current record keepers are Fidelity Investments, Lincoln Financial Group, MetLife, TIAA-CREF, VALIC and Voya Retirement Services. The RFP said “The current providers must submit proposals, subject to the requirements described in this solicitation, in order to retain their positions as contract providers under the plan.”
Proposals are due at 5 p.m. EST on Jan. 5. A decision is expected around March 31.
The RFP is available on a state procurement website.
The Massachusetts 403(b) Elective Deferral Savings Plan serves 15 community colleges, nine state universities and employees of five state higher education departments.
Richard Nunes, public higher education employee retirement director, and Stephanie Shepard, associate analyst in administration and finance, did not return phone calls by press time.