Coral Gables, Fla., hired Nationwide Retirement Solutions as the sole record keeper for the city’s 401(a) and 457 plans, said Vanessa Flores, city procurement specialist, in an e-mail.
The city issued an RFP in March for a single record keeper to “take advantage of economies of scale,” the RFP said. Nationwide was one of three incumbents, along with ICMA-RC and Voya Retirement Services. ICMA-RC and Voya both rebid for the services.
The other finalists were Empower Retirement, Lincoln Retirement Services and MassMutual Financial.
The plans have a combined $63 million in assets.