South Carolina Public Employee Benefit Authority, Columbia, issued an RFP for third-party record keeping, administration and investment management for the state’s $1.5 billion Optional Retirement Program defined contribution plan.
The RFP was issued as part of the PEBA’s regular rebidding cycle, said Megan B. Lightle, a spokeswoman, in an e-mail.
State law requires that four bundled record keepers be offered to ORP participants, Ms. Lightle said. She said she couldn’t comment about how many companies are sought or whether the current providers may rebid because the RFP is still open. The RFP is not specific about how many firms are sought.
The current record keepers are MassMutual Financial, MetLife, TIAA-CREF and VALIC, according to plan information available on the PEBA’s website.
Contracts for the successful bidders will be for three years beginning July 1, with two one-year extensions, according to the RFP.
Responses to the RFP are due by 4 p.m. EST on March 2. A hiring decision could be posted April 7 on the state’s procurement website.
