Idaho State Board of Education, Boise, hired Fidelity Investments as the sole record keeper of its $1.5 billion 401(a) plan.
The plan will transition to Fidelity in December 2024, said Patrick Coulson, chief financial officer for the board of education.
The board's retirement plan committee issued an invitation-only RFP in March 2023 to current record keepers Corebridge Financial and TIAA-CREF, along with Fidelity, Empower Retirement, Vanguard Group and Voya Financial because the board had not put the services up for bid since the 401(a) plan's inception in the 1990s, according to Dec. 13 board of education meeting materials. All recipients submitted bids except for Vanguard, and Fidelity and TIAA-CREF were the finalists.
The retirement plan committee recommended Fidelity "based on their commitment to participant solutions and services, lower and more transparent costs, best in class technology and simplified administration," according to the board meeting materials.
The 401(a) plan is known as the Optional Retirement Plan.
Investment consultant Multnomah Group assisted.
