San Jose, Calif., is searching for one or more record keepers for its defined contribution plans, said Amy Morton, senior benefits analyst in the city's human resources department, in an email.
The city issued an RFP as part of the standard practice of putting the services up for bid every four to five years, Ms. Morton said. The current providers are Voya Retirement Services and ICMA-RC. Voya is the sole record keeper of the two 457 plans, which have a combined $887 million in assets, while Voya and ICMA-RC are record keepers for the 401(a) plan, which has less than $1 million in assets. Both are invited to rebid. Ms. Morton said that ideally the city would choose one record keeper, but it is not required.
Proposals are due at 9 a,m. PDT on Sept. 1. A timeline for a decision was not provided, but implementation will take place on Oct. 1, 2018, according to the RFP.
The RFP is available on BidSync's website. Registration is required.
