Nevada Public Employees' Deferred Compensation Program, Carson City, will search for a record keeper in the first quarter of 2019, said Rob Boehmer, executive officer.
The $839 million 457 plan will issue an RFP because of the state's mandate that services must be put up for bid every five years. Voya Financial, which is eligible to rebid, was hired as the plan's first sole record keeper in July 2014.
The plan's committee at its meeting on Monday also approved one final contract extension for investment consultant Segal Marco Advisors until June 2020 to allow the consultant to assist in the record keeper search before the program issues an RFP for a consultant. Mr. Boehmer says if Voya is retained, an RFP would likely be issued in the fourth quarter of 2019. If a record keeper transition becomes necessary, the RFP would be issued in the first half of 2020. Segal Marco Advisors would be invited to rebid.
The plan has 15 investment options and a target-date fund lineup managed by Vanguard Group.