Virginia Port Authority, Norfolk, is searching for a bundled provider for its retirement plans, said an RFP posted on the state of Virginia’s procurement website.
The RFP says the authority “prefers a bundled service provider approach but is open to entertaining proposals on specific plans if that approach ultimately benefits authority employees.” The services include record keeping, actuarial, custodial and trustee services.
The retirement plans are the $80 million Virginia International Terminals LLC Pension Plan, the $36 million Virginia International Terminals 457 Deferred Compensation Plan, the $5 million Virginia International Terminals 401(a) Matching Plan, the $2 million Virginia International Terminals LLC Executive Supplemental Retirement Plan, the $11 million Virginia Port Authority Pension Plan, the $5 million Virginia Port Authority 457(b) Deferred Compensation Plan, the $2 million Virginia Port Authority 401(a) Matching Plan and two other plans with less than $1 million in assets.
Empower Retirement is the record keeper of the defined contribution plans, John Hancock is the recordkeeper and actuary for the VIT defined benefit plans, Wilmington Trust Fiduciary is the custodian of the DB plans, Matrix Trust is the DB plan trustee and Aon Hewitt is the actuary of the VPA defined benefit plans, according to the RFP,. Whether the firms can rebid could not be learned by press time.
Proposals are due at 2 p.m. EDT on March 28. A timeline for a decision was not made available.
The RFP is available on the state’s procurement website. Registration is required.
Joe Harris, port authority spokesman; Shelley M. Ricks, contract analyst; and Nichole Labott, retirement plan consultant at SageView Advisory Group, which is assisting in the search, did not respond to requests for further information by press time.