Arizona Public Safety Personnel Retirement System, Phoenix, hired SageView Advisory Group as investment consultant for a new 401(a) plan, said Christian Palmer, pension fund spokesman, in an email.
The $8.3 billion retirement system issued an RFP for the consultant in December for the new Public Safety Personnel Defined Contribution Retirement Plan. SageView will assist in the search for a record keeper for the plan, which is set to open on July 1.
The new plan, created by state legislation early in 2016, is an option for members of PSPRS who will be hired after June 30, known as Tier 3 members. They will have the choice of participating in the PSPRS defined benefit plan or join the new DC plan.
The timeline for the record-keeper search was not immediately available, but the consultant RFP said “since the PSPDCR will need to be operational by July 1, 2017, it is imperative that the adviser be able to work with the system to get the plan developed and have a third-party administrator in place quickly.”
Mr. Palmer did not immediately respond to a request for further information.