Anchorage, Alaska, hired Empower Retirement as the sole record keeper for its $270 million 457 plan and $163 million 401(k) plan, said Ronald Hadden, city purchasing officer, in an email.
The city issued an RFP in August to consolidate the plans to a single record keeper. Empower was the incumbent provider for the 457 plan, and T. Rowe Price Group was the incumbent for the 401(k) plan. T. Rowe Price did rebid for the services. The Anchorage Assembly approved the hiring at its Dec. 18 meeting.
Investment consultant RVK assisted.