Arizona Public Safety Personnel Retirement System, Phoenix, hired Nationwide Financial as bundled provider of a new 401(a) plan, said Christian Palmer, spokesman, in an email.
The $8.3 billion retirement system issued an RFP in February 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 RFP also covered services for the existing $14 million PSPRS Supplemental Defined Contribution Plan and $2 million Elected Officials’ Defined Contribution Retirement System. Nationwide is the incumbent on both plans.
The other finalist was Lincoln Financial Group.
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 new plan’s investment consultant, SageView Advisory Group, assisted.