Tempe (Ariz.) School District No. 3 selected VALIC as bundled provider for its $17.7 million 403(b) and $7 million 457(b) plans, said Rebecca Seifert, purchasing supervisor, in an email.
An RFP was issued in July because the district's contract with its current bundled provider, Voya Financial, is in the final year. "We needed to rebid in accordance with Arizona school district procurement law," Ms. Seifert said.
Voya submitted a bid.
Segal Marco Advisors, the district's investment consultant, assisted with the search.