The $52.1 billion Illinois Teachers’ Retirement System, Springfield, launched a search for a third-party administrator for the fund's new deferred compensation plan.
Required services include plan administration and record keeping, participant communication and investment education, investment services and possibly custodial services, according to the RFP posted Thursday on the fund’s website.
The 457(b) plan was mandated by Illinois legislation and is scheduled to start July 1. The contract is expected to extend for five years beginning on the same date, the proposal document said.
The deadline for proposals is 2 p.m. CDT Sept. 16.
Finalists will be selected in November by TRS staff, led by Chief Benefits Officer Carlton Lenoir, and will be presented to the board of trustees for selection at its Dec. 10 meeting.
The investment line up for the new 457(b) plan also will be presented to trustees at the same meeting, Mr. Lenoir told trustees during their Aug. 2 meeting.