Brownsville, Texas, hired Equitable as record keeper for its $16 million 457 plan.
The city issued an RFP in February to consolidate services to a single record keeper to save on fees and reduce the number of investment options.
The city commission approved the hiring at its July 7 meeting, said Lupe Granado III, city finance director, in an email.
Incumbent record keepers AIG Retirement Services and Nationwide Financial did rebid for the services. There were no finalists.
Investment consultant TCG Advisors assisted.
