Georgia Employees' Retirement System, Atlanta, will search for a record keeper for the three defined contribution plans it oversees in the second half of August, said James Potvin, executive director.
The retirement system will issue the RFP due to the pending contract expiration of current record keeper Alight Solutions on Dec. 31, 2020. The firm will be invited to rebid.
The retirement system hired Segal Marco Advisors as project consultant to assist with the RFP. Mr. Potvin said the responses likely will be due before the end of September, and the retirement system hopes to make a decision before the end of December.
The RFP will be posted on the retirement system's website.
The state's Peach State Reserves 401(k) and 457 plans have a combined $1.8 billion in assets, and the Georgia Defined Contribution Plan, the 401(k) portion of ERS' hybrid plan tier, has $125 million in assets.