The $8.96 billion Missouri State Employees’ Retirement System, Jefferson City, is searching for a third-party record-keeping administrator for the State of Missouri Deferred Compensation 457(b) Plan for Public Employees and the State of Missouri Deferred Compensation Incentive 401(a) Plan for Public Employees.
The winning record keeper will be awarded a five-year contract, with the possibility of three one-year renewals, according to an RFP posted on the website of investment consultant Meketa, which is assisting with the search.
The record keeper will be tasked with providing full administration, custodial and record keeping services; compliance support; plan-level reporting; customized website options; a participant call center and voice-response center; participant communication services; and a flexible open architecture investment platform, the RFP indicated.
As of Aug. 30, the two plans had almost $3 billion in total assets — $2.3 billion under the 457(b) plan and $600 million under the 401(a) plan — among approximately 79,000 unique participants, the RFP noted.
The incumbent record keeper, MissionSquare, will be allowed to rebid.
Proposals are due by Nov. 8 at 4:30pm CST.
MOSERS expects to finalize the contract with the successful respondent by Dec. 31.
