Updated with correction
University of North Carolina, Chapel Hill, is searching for a trust company or bank to provide passive target-date funds for its optional retirement program, said Brian M. Usischon, senior associate vice president for human resource services, in an email.
The 401(a) plan has more than $5 billion in assets combined and more than $950 million invested in Vanguard Group's Institutional Target Retirement series.
The desired vehicle is a collective investment trust. The search is being conducted as part of a plan review process that includes a review of existing investment options and possible alternatives. It has not been determined whether Vanguard's target-date series would be replaced. Vanguard can submit a bid, Mr. Usischon wrote.
The RFP is available on the state's purchasing website. Proposals are due by 3 p.m. EDT on April 10, with a hiring decision expected in early May.
TIAA-CREF and Fidelity Investments are the plans' record keepers. The selected target-date series would be offered on both record keepers' platforms.