Loveland (Colo.) Fire Rescue Authority hired Nationwide Financial as the record keeper for its $35 million 401(a) plan and $3 million 457 plan.
The authority's board approved the hiring at its Nov. 29 meeting, recently released meeting minutes showed.
The authority had issued an RFP in July due to its policy of putting services up for bid every five to seven years, according to a presentation included with Nov. 29 board meeting materials. Empower Retirement and current record keeper MissionSquare Retirement were the other finalists.
According to the presentation, the LFRA Retirement Plan Committee recommended Nationwide "in part on the company culture towards their participants. Nationwide offers a more personalized service in contrast to Empower Retirement who offers more advanced technology to enable participants more self-service. MissionSquare Retirement has recently undergone a major overhaul of their recordkeeping services and have veered away from the level of customer service and the culture of personal attention to participants that the Committee is comfortable with."
The retirement plans share an investment options lineup consisting of 21 individual investment options plus a target-date fund series managed by Vanguard Group.
Investment consultant Innovest Portfolio Solutions assisted.
