Searches and Hires

University of Texas System scouting for DC plan service providers

University of Texas System, Austin, is searching for bundled service providers for its defined contribution and deferred compensation plans.

The university will hire a minimum of four vendors to provide services including investment management options, self-directed brokerage and variable annuities; participant education and support; and record keeping, according to the RFP.

UT system offers a 415(m), 457(b) and two 403(b) plans in the UT Retirement Program and two 457(f) non-qualified deferred compensation plans.

Karen Adler, a UT System spokeswoman, said the size of the retirement plans was not available.

The contracts of the five existing service providers expire on Aug. 31. The firms — Fidelity Investments, Lincoln Financial Group, TIAA Financial Services, VALIC and Voya Financial — will be permitted to rebid for three-year contracts that begin Sept. 1, Ms. Adler confirmed. The new contracts will include a three-year renewal option.

Proposals are due by 2:30 p.m. CDT on March 22. A specific hiring date has not been set, Ms. Adler said.