Shelby Township, Mich., hired Voya Financial as record keeper of its $30 million 457 plan and $28 million 401(a) plan, confirmed Amber Beauchamp, human resource clerk, in an email.
The township issued an RFP in February for a single record keeper to provide administrative and record-keeping services for the plans. The 401(a) plan's incumbent record keeper was John Hancock Financial Services and the 457 plan's incumbent record keepers were John Hancock and Nationwide Financial.
Empower Retirement, ICMA-RC and MassMutual Financial Group were the other finalists. The township would not provide further information on whether the incumbents rebid for the services.
Investment consultant Retirement Plan Advisors assisted.