University of Western Ontario, London, issued an RFP for a service provider to assume oversight of the university's Western Retirement Income Fund.
The selected firm would provide investment services, online reporting and education for participants and administration services for the supplemental retirement savings plan. Northern Trust is the current provider, according to the university's website; it could not be learned by press time if Northern may rebid.
The RFP is on MERX, the Canadian procurement website.
Proposals are due at 2 p.m. EDT June 16. A selection date was not announced.
The plan has 10 investment options, including three target-date funds. It's one of three retirement plans offered by the university with a combined C$1.3 billion (US$1.2 billion) in assets. Two defined contribution plans — the Pension Plan for Members of the Academic Staff and the Pension Plan for Members of the Administrative Staff — are not affected.
The university's pension board has recommended the plan be closed, to be replaced by another fund operated by an external provider. A decision by the university's board of governors on that proposal is expected this summer, according to information on the university's website.
If closed, assets in the fund would be transferred to the external provider or to a provider chosen by each participant.
University officials could not be reached by press time for further information.