Anne Arundel County Public Schools, Annapolis, Md., is searching for a single record keeper for its $229 million 403(b) plan and $37 million 457 plan.
The school district issued an RFP because it wants to consolidate to one firm to provide record keeping, administrative and custodial/trustee services for the plans beginning Jan. 1, 2021, confirmed Theresa M. Lofton, benefits manager.
The current record keepers are AIG Retirement Services, Lincoln Financial and Voya Financial. All are invited to rebid, Ms. Lofton said.
The school district has proposed a consolidated lineup of 12 investment options, a self-directed brokerage window and a target-date fund lineup managed by T. Rowe Price Group, which it will likely implement on Jan. 1, 2021. The selected record keeper would also serve a $4 million leave payout plan.
The RFP is available on the district's procurement website. Proposals are due at 2 p.m. EST on March 6. The district hopes to make a selection by July 1, Ms. Lofton said.
