Arizona Public Safety Personnel Retirement System, Phoenix, is searching for a bundled provider for a new 401(a) plan and two existing 401(a) plans, spokesman Christian Palmer said in an email.
The $8.3 billion retirement system issued an RFP for a firm to provide bundled services for the new Public Safety Personnel Defined Contribution Retirement Plan, which is set to open July 1. The firm also will assist in the setting up of the new plan.
The retirement system hired SageView Advisory Group as the investment consultant for the new plan in January, and SageView is assisting in the search.
The new plan, created by state legislation 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 joining the new DC plan.
The two existing plans are the $14 million PSPRS Supplemental Defined Contribution Plan and $2 million Elected Officials’ Defined Contribution Retirement System. Nationwide Financial is the current provider and is invited to bid.
The RFP is available on the PSPRS website. Proposals are due March 3. Finalists will be named during the week of March 20, and presentations are scheduled for March 30-31, with a decision expected shortly thereafter.