Tigard, Ore., is searching for record keepers for its $49.1 million deferred compensation plan program, according to the RFP.
Tigard has two deferred compensation plans, three 401(a) plans and one retiree health savings VEBA. The incumbents are Voya Retirement Services, which is the record keeper for one $9.6 million deferred compensation plan, and ICMA-RC, which is the record keeper for the other four plans — a $11.4 million deferred compensation plan and three 401(a) plans with $37.8 million in combined assets.
The plans' current investment options include target-date funds, a pooled stable value account and a fixed general account. The city is interested in offering a Roth option and a Roth conversion option to participants.
Proposals are due Oct. 12, with a selection expected to be made by Tigard's plan governance committee in December. The RFP is on Tigard's website.
Consultant NFP is assisting. Bill Tugaw, managing director, governmental plans at NFP, could not be reached for comment.