Elk Grove, Calif., is searching for at least one record keeper for the city’s defined contribution plans, said Vincent Galindo, senior consultant at Hyas Group, which is assisting the city with the search, in an e-mail.
The city issued an RFP for a firm or firms to provide “retirement plan administration, record keeping, education, communications and investment-related services for its current 401(a) defined contribution plan, 457 deferred compensation plan” as well as a small FICA alternative plan.
The current record keepers are ICMA-RC and VALIC. Whether the firms can rebid could not be immediately learned.
As of March 31, the 457 plan had $17 million and the 401(a) plan had $7 million in assets.
The RFP can be obtained by e-mailing Mr. Galindo at [email protected]. Proposals are due at 4 p.m. PDT on July 6. Finalist interviews are scheduled for Aug. 22-23, with a decision expected shortly thereafter.
Mr. Galindo could not be immediately reached to provide further information.