Illinois State Universities Retirement System, Champaign, hired Voya Financial as record keeper for its $1.2 billion 401(a) plan and a new 457 plan, spokeswoman Beth Spencer said in an email.
The retirement system issued an RFP in January as part of the system's "normal business practice to issue an RFP in advance of expiration," Ms. Spencer said at the time.
Current record keepers Fidelity Investments and TIAA-CREF were invited to rebid and did so.
The new 457 plan, yet to be created, is the result of August legislation by the Illinois General Assembly requiring the implementation of an optional supplemental DC plan.
The redesigned 401(a) plan and new 457 plan are expected to launch in mid-2020, a news release on the system's website said.
Investment consultant Cammack Retirement Group assisted.
