San Jose, Calif., hired Voya Financial as sole record keeper of 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 last August as part of the standard practice of putting the services up for bid every four to five years.
Voya was the incumbent record keeper of the two 457 plans, which have a combined $887 million in assets, while Voya and ICMA-RC were incumbents for the 401(a) plan, which has less than $1 million in assets. Ms. Morton would not say whether ICMA-RC bid for the services, saying the city "considered and compared all five submissions."
