Henrico County, Richmond, Va., is searching for an investment manager for the county's central government 457 plan and public schools' 403(b) and 457 plans, said an RFP on the county's website.
The selected firm will research, select and monitor the plans' investment options and assume all fiduciary responsibility and risk for those services.
SageView Advisory Group currently provides consulting services but does not provide investment selection and management. Investment selection is handled by the plans' record keepers — ICMA-RC, Voya Retirement Services and VALIC.
The RFP is available on the county's website. Proposals are due by 2:30 p.m. EDT on May 26.
A hiring decision is expected by July 1. SageView's contract is set to expire June 30.
Additionally, a search for one or more firms to provide plan administration services only is ongoing.
ICMA-RC and Voya administer the central government's 457 plan, which has more than $130 million in assets. VALIC administers the public schools' 403(b) and 457 plans, which have more than $90 million in assets combined.
Cecelia H. Stowe, county purchasing manager, was not immediately available for additional information on the manager and administrator searches.