Los Angeles 457 plan wants firm to provide record keeping, stable value fund management

Los Angeles City Pension Savings Plan is searching for a record keeper and investment manager, said Daniel Powell, deferred compensation plan analyst.

The $67 million 457 plan issued an RFP due to the pending contract expiration of current record keeper and investment manager Empower Retirement on Sept. 30. The firm is eligible to rebid, Mr. Powell said.

The Pension Savings Plan serves part-time, temporary and seasonal city employees and 100% of its assets are managed in the plan’s stable value fund, which the record keeper manages.

Proposals are due at 3 p.m. PDT on March 23. A decision is scheduled for May 2.

The RFP is available on a city procurement website. Registration is required.