Coweta County, Newnan, Ga., is searching for a third-party administrator for its $16 million 457 plan and $14 million 401(a) plan.
The county issued an RFP because its previous third-party administrator, BB&T Corp., merged with SunTrust Bank to form Truist Financial Corp. in 2019. Truist decided to discontinue providing third-party administrator services to defined contribution plans, said Kelly Mickle, assistant county administrator.
Clients were transitioned to Ascensus without having the opportunity to go through an RFP process, and Ms. Mickle said the county is going through that process now to assess the best fit for its defined contribution plans.
Ascensus is eligible to bid for the services, she said.
The RFP is available on the county's website. Proposals are due at 10 a.m. EST on Jan. 14. The county hopes to make a selection in February, Ms. Mickle said.