Los Angeles County Sanitation Districts, Whittier, Calif., hired TIAA-CREF as sole record keeper for its roughly $255 million 457(b) plan, effective Oct. 1, said Tom Mueller, chairman of LACSD’s deferred compensation committee.
TIAA replaces incumbent record keeper ICMA-RC, which did rebid.
An RFP was issued in July as part of a periodic plan review, Mr. Mueller said. Lower costs combined with TIAA’s strong qualifications were cited as reasons for its selection.
For the most part, the plan’s 24 investment options are expected to remain the same, Mr. Mueller said.