Florida Department of Financial Services is searching for a consultant to provide investment and fiduciary recommendations for the $3.7 billion Florida 457(b) Deferred Compensation Plan, Tallahassee.
The department, which oversees the plan, intends to hire one firm, although it could hire more than one, according to the RFP.
The department seeks a comprehensive review and recommendations for improvements, including in investment policy and investment fund choices, administrative structure and fiduciary duties, and raising participation and contributions rates.
The plan offers five bundled investment provider platforms — Nationwide Retirement Solutions, which oversees $1.5 billion for the plan; Voya Financial, $748 million; T. Rowe Price, $540 million; VALIC, $519 million; and Empower Retirement, $235 million — as well as a participant-directed brokerage window through Charles Schwab, $63 million.
The RFP “is a new endeavor” by Jeff Atwater, chief financial officer, who oversees the department, “to improve state employee participation” in the plan, Joel Brown, CFO press secretary, said in an email.
The RFP is available on a state procurement website.
Proposals are due Aug. 8. Mr. Atwater is expected to make a hiring decision Aug. 19, according to the RFP.
The department expects the consultant to present draft recommendations by Oct. 10 and final recommendations by Oct. 17.