Colorado Public Employees' Retirement Association, Denver, hired Empower Retirement as record keeper of its 401(k) and 457 defined contribution plans totaling $5 billion.
The RFP was issued in December "as part of a routine evaluation to ensure we're providing the best possible value and service to our members," said Laura Morsch-Babu, PERA's spokeswoman, in an email.
Empower will replace Voya Institutional Plan Services, incumbent record keeper for PERA's DC plans.
Alight Solutions, Nationwide Retirement Solutions, Prudential Retirement Insurance and Annuity Co. and Voya also submitted bids.
William Sutton, a Voya spokesman, declined to comment.