Rayonier Advanced Materials, Jacksonville, Fla., is searching for record keepers and custodians for its retirement plans and other investment portfolios totaling about $441 million, said Lisa M. Garcia, managing director, client relations at FiduciaryFirst, the plans' investment consultant.
Record keeping or custodian services are requested for the company's closed $270 million defined benefit plan, three 401(k) plans totaling $146.5 million, $17 million stock incentive plan, $5 million foundation account and $2.9 million legal resource trust.
The search is being conducted as a due diligence measure with the goal of consolidating services as much as possible, Ms. Garcia said.
Incumbents Wells Fargo (DB plan, foundation and legal resource trust), MassMutual Financial Group (401(k) plans) and Bank of America Merrill Lynch (stock incentive plan), are invited to rebid, said Bethany Heatwole, retirement plan analyst at Rayonier Advanced Materials.
The search is being conducted using InHub's eRFP tool; the RFI is available on InHub's website.
Responses are due by 5 p.m. EDT on July 13. Select firms will be invited to participate in a follow-up RFP, which is expected to be issued in July. Finalists could be selected in August with a hiring decision some time after.