Green Mountain Secure Retirement Plan, Montpelier, Vt., is searching for a firm to provide record-keeping, administrative and fund management services for the new state-run defined contribution plan for private-sector employees.
The plan, which is set to launch Jan. 1, will be available on a voluntary basis for employers with no more than 50 employees that do not currently offer a retirement plan to employees.
In June, Vermont Gov. Phil Scott signed into law the retirement savings plan for private-sector employees. The new plan would also be open to the self-employed. Employers that chose to participate will have employees automatically enrolled but allow for them to opt out. Funding will come from employees, but employers may be able to make voluntary contributions in the future.
The RFP is available on the state's procurement website. Proposals are due by 3 p.m. EDT on May 11. A selection is expected to be made by June 8.
Further information was not available; state purchasing agent Stephen Fazekas could not be reached for comment.