Naples, Fla., hired ICMA-RC as sole record keeper of its four defined contribution plans, said Gerald “Jed” Secory, city purchasing and contracts manager.
The city issued an RFP in January for the three 401(a) plans and one 457 plan, which have combined assets of $19 million, because it wanted to consolidate its plans to a single record keeper. ICMA-RC was an incumbent, along with Nationwide Retirement Solutions and VALIC. The other two rebid for the services.
MassMutual Financial was the other finalist.