Searches and Hires

Maryland supplemental DC plans seek third-party administrator

Maryland Teachers & State Employees Supplemental Retirement Plans, Baltimore, is searching for a third-party administrator for its four defined contributions plans, spokesman Michael Halpin said in an email.

The RFP is a "scheduled procurement," Mr. Halpin said, adding that incumbent Nationwide Financial is invited to rebid. The plans — a 401(k) plan, 401(a) plan, 403(b) plan and 457 plan — have combined assets of $4.1 billion in both tax-deferred and Roth accounts.

The selected firm will provide record keeping, marketing, enrollment, face-to-face account servicing, a managed account option, and other administrative and technical services for the plans, according to the RFP. Proposals should include a transition phase to go live by Dec. 31, 2019. The new five-year contract has an optional one-year renewal.

The RFP is posted on the plans' website. Proposals are due by 1 p.m. EST on Nov. 15. A timeline for when a decision will be made has yet to be determined, Mr. Halpin said.