Chicago Board of Education hired AIG Retirement Services as the sole record keeper for Chicago Public Schools' 403(b) and 457 plans.
The board issued an RFP in March to consolidate the plans to a single vendor from the three record keepers the plans offered, a spokesman said at the time.
AIG was one of the record keepers, along with Empower Retirement and Voya Financial, and all the firms were eligible to rebid, the spokesman said.
AIG became the sole record keeper effective Jan. 1, an announcement on CPS' website said. The announcement did not say whether the other two record keepers rebid for the services.
The two plans had combined assets totaling $1.7 billion as of Sept. 30, 2020, the most recent data available.
CPS spokeswoman Sylvia Barragan could not immediately provide further information.