City of Los Angeles Deferred Compensation Board is expected to issue an RFP early next month for an administrator for its $24 million 457 plan for part-time employees. Steven Montagna, management analyst, said the incumbent is First Financial Administrators, whose contract expires Dec. 31. First Financial will be allowed to rebid.
The board also authorized staff to draft a separate plan document for the $1.1 billion deferred compensation plan. The city administrative code had functioned as the plan document for both plans, but the board has decided to have a plan document separate from the plans legislative authority, he said.