Ohio University, Athens, is reducing the total number of record keepers to four for its defined contribution plans.
The university rehired AIG Retirement Services, AXA Equitable Life Insurance Co., TIAA-CREF and Voya Financial as the record keepers of its 401(a), 403(b) and 457 plans, university spokesman Jim Sabin confirmed in an email.
The reduction to four vendors will be effective Nov. 1.
The university participated in an RFP process with other public universities in Ohio through the Inter-University Council of Ohio to reduce the number of vendors for its plans. The other record keepers, Lincoln Financial, MassMutual Financial and Nationwide Financial, were all invited to rebid but only Lincoln did so, Mr. Sabin said.
Current asset sizes of the plans were not available. According to a July 2018 RFP for investment consulting services, the 401(a) plan had $346 million in assets, the 403(b) plan had $193 million and the 457 plan had $44 million in assets at that time.
Investment consultant Cammack Retirement Group assisted.