Connecticut Retirement Security Authority, Hartford, is seeking third-party administration services for the Connecticut Retirement Security Program, the state's payroll deduction Roth IRA, confirmed Mary Fay, executive director of the program.
Services sought include data collection, record keeping, plan administration, education and investment management services. Both fully bundled and unbundled proposals will be considered.
Contributions to the DC plan, created to provide retirement security to Connecticut residents without access to a retirement account, are expected to begin by Dec. 31. The program is expected to reach $1 billion in assets in about four years and $4 billion in 10 years.
A copy of the RFP can be obtained by contacting Ms. Fay via email. Proposals are due 4 p.m. EDT June 12. Ms. Fay anticipates making a selection sometime in the third quarter.
