Searches and Hires

Minnesota system searching for DC record keeper

The Minnesota State Retirement System, St. Paul, is searching for a record keeper for four defined contribution plans it administers with total assets of about $8.6 billion.

MSRS will award a six-year contact beginning July 1 with a possible 10-year extension if it means significant cost savings for the state, said a description of needed services in Tuesday issue of the Minnesota State Register

Empower Retirement is the incumbent record keeper and can rebid, said Daniel B, McLean, director of strategic initiatives for MSRS, in an email. Empower's contract ends June 30, 2020. If a new record keeper is hired, there will be a one-year transition period.

The record keeper will provide service for the $7 billion Minnesota Deferred Compensation Plan, the $1.1 billion Health Care Savings Plan, the $324 million Unclassified Employees Plan and the $159 million Hennepin County Supplemental Retirement Plan. All plan assets are as of June 30.

No formal request for proposals was issued. Interested parties should contact Mr. McLean by email to request an RFP. The deadline for submissions is 3 p.m. CST March 20.

Mr. McLean said the record keeper likely will be selected in mid-April.