Minneapolis Public Schools is searching for a record keeper and administrator for its $122 million 403(b) plan.
Plan officials are looking for one firm to provide both services, according to the RFP. The selected firm will work under a one-year contract effective Jan. 1, 2017, with options to add one-year extensions up to four years.
VALIC is the plan’s current record keeper and administrator. It was not known whether the firm could rebid; officials at the plan could not be reached for details by press time.
The RFP is available on the Minneapolis schools’ website. Proposals are due at 5 p.m. CDT July 1. A selection is expected on Sept. 1, the RFP said.
Benefits consultant CBIZ Retirement Plan Services is assisting.