New Mexico Public Employees Retirement Association, Santa Fe, launched an RFP for a third-party administrator for its $624 million deferred compensation 457(b) plan, the Smart Save Plan, said Karyn Lujan, PERA Smart Save Plan Manager.
Incumbent Nationwide Retirement Solutions has been invited to rebid, she said. Plan officials launched the RFP because Nationwide's contract expires Sept. 30.
The plan's investment options include 16 no-load mutual funds managed by independent investment managers, a stable value fund, custom target-date portfolios and a self-directed brokerage account.
Responses to the RFP are due 12 p.m. MST on Jan. 18, with a decision as early as March. The new contract starts Oct. 1.
The RFP is available on the PERA website.