California Department of Human Resources, Sacramento, will launch a search in July for a third-party administrator for the state's $18.5 billion Savings Plus program's 457(b) and 401(k) plans, spokeswoman Nicole Shaw said in an email.
The department will issue an RFP due to the upcoming expiration of current administrator Nationwide Financial's contract, Ms. Shaw said. The firm will be eligible to rebid.
The RFP will be posted on the California state procurement website on or after July 1, Ms. Shaw said. Proposals will be due at 3 p.m. PDT on Sept. 1. A timeline for a selection was not provided, but the selected firm will begin a five-year contract on Jan. 1, 2023.
