Oakland County Retirement and Deferred Compensation Board, Waterford, Mich., approved a search for a new bundled provider for its $237 million 457 plan, said Judy D. Fandale, retirement administrator.
The search will be conducted by the retirement system’s defined contribution plan consultant, Gregory J. Schwartz & Co. Details about the search and its timing were not available. Ms. Fandale said the board hopes to select a plan provider by year-end.
The current 457 plan provider, Fidelity Investments, is invited to rebid.
Separately, LMCG Investments, an existing manager for the county’s $1 billion VEBA plan and $800 million defined benefit plan, was selected to manage $37 million in active U.S. small-cap value equities after a search.
Ms. Fandale said the board had temporarily parked the $37 million that was returned by GW Capital, which was winding down, in a similar strategy run by LMCG. The board approved leaving it there, increasing the allocation to LMCG active U.S. small-cap value equity strategy to $76 million.