Iowa Department of Administrative Services, Des Moines, issued an RFP for an investment consultant for its 457(b), 403(b) and 401(a) plans, whose combined assets total $1.32 billion.
The department is seeking assistance in making changes to core investment providers for the plans, including development of RFPs for selection of investment providers, among other services, according to the RFP.
Advance Capital Group, the incumbent investment consultant, can rebid, Tami Wiencek, legislative liaison and public information officer, said in an e-mail.
Its contract is expiring, triggering the RFP, Ms. Wiencek said.
The three plans use the same core investment providers: Horace Mann Educators; Mass Mutual Financial Group; Voya Financial Advisors; and VALIC. Each offers a diversified lineup of investment funds managed by an array of managers.
The 457(b) has $685.8 million in assets; the 403(b), $448.3 million; and the 401(a), $189.1 million, Ms. Wiencek said.
The RFP is available on the state’s procurement website. Proposals are due June 28.
The department expects to makes a decision before the scheduled Jan. 1 start of the contract, which runs through Dec. 21, 2018, Ms. Wiencek said.
