Carrollton, Texas, hired ICMA-RC as sole provider of its 401(a), 457, OBRA and retirement health savings plans, said Bob Scott, chief financial officer.
An RFP was issued in November because of the city’s desire to streamline operations and investment offerings, and reduce investment expenses.
ICMA-RC and Nationwide Retirement Solutions previously administered the 457 plan, which had roughly $77 million in assets. ICMA also administered the 401(a) plan and retirement health savings plans, which had $93,505 and $3.7 million in assets, respectively. Nationwide administered the OBRA plan, which has $760,388 in assets. Nationwide rebid.
Lincoln Financial Group was the other finalist.
Investment options are expected to change under the new structure, Mr. Scott said.
Hyas Group assisted with the search.