The state of Maine is seeking plan advisory services for its $486 million 457(b) deferred compensation plan.
The search is being conducted because the state has been using the same consultant for more than 10 years and wants to see what other options are available and at what cost, said Kurt Caswell, executive director, employee health and benefits, Augusta. Buck Consultants is the current consultant and is invited to rebid.
MassMutual, VALIC and Voya are the plan's current service providers, according to the RFP.
The RFP is available on the state's website. Proposals are due 4 p.m. EST Dec. 13. A selection is expected to be made by Feb.15, said Mr. Caswell.