Gwinnett County, Lawrenceville, Ga., hired Transamerica Retirement Solutions and Voya Financial as third-party administrators of the county's defined benefit plan and defined contribution plans, respectively, said Dana Garland, country purchasing associate, in an email.
The county issued an RFP in December. Empower Retirement is the current provider and was a finalist for all plans. Milliman was a DB plan finalist and Prudential Financial was a DC plan finalist.
According to April 20 retirement plans management committee minutes, the DB plan will move to Transamerica in mid-December, and the DC plans will move to Voya around the beginning of the fourth quarter.
The Gwinnett County Employees Retirement System, a defined benefit plan that has been closed since Jan. 1, 2007, has about $1 billion in assets. The county's 401(a) and 457 plans have combined assets of $372 million.