San Antonio Water System is searching for a retirement plan administrator and record keeper for its $48 million 457 deferred compensation plan.
"The search is being conducted to ensure participants are receiving the best combination of service and cost as well as looking at consolidating the current multiple vendor arrangement to achieve some efficiencies," said Phyllis Garcia, system treasurer, in an email.
The system now uses three firms for these services: ICMA-RC, Nationwide and StanCorp Financial Group. They are all welcome to rebid.
Interested firms must have at least five years of experience administering governmental 457 plans, must currently be the sole administrator of at least three 457 plans, each with at least $50 million in assets, to be considered.
The RFP is available on the system's procurement website. Proposals are due 2 p.m. CST Nov. 29. A selection is expected to be made in April 2019, Ms. Garcia said.
