Rockville (Md.) Employees' Retirement System will soon launch a search for a single third-party administrator for its $98 million defined benefit plan, $36 million 401(a) plan and $27 million 457 plan, said Gavin Cohen, chief financial officer, in an email.
The retirement system will issue an RFP because of the impending expirations of the contracts of current providers MassMutual Financial, which serves the DC plans, and Prudential Financial, which serves the DB plan. Both firms will be invited to rebid; the retirement system is seeking a single provider.
The RFP describes the services as record keeping and administration, communication and education, custodial and trustee, investment advisory (for the DC plans), employer education and DB plan benefit payments.
Mr. Cohen said the RFP will be issued in October or November, with due dates and decision dates likely in December and January, respectively. The RFP will be posted on the city's procurement division website.