Newton, Mass., is searching for a consultant to assist the city in a search for a third-party administrator for its $106 million 457 plan and $11 million 3121 FICA alternative plan for part-time and seasonal employees.
The city is seeking proposals for a consultant to assist it in the process of searching for third-party administrators for the plans, according to an RFP posted on the city’s purchasing department website.
The 457 plan’s current administrators are Empower Retirement, MissionSquare Retirement and Voya Financial. Voya is the administrator of the 3121 plan.
The consultant RFP does not disclose whether all the current administrators will be invited to rebid.
The consultant RFP is available on the city’s purchasing department website. Proposals are due by 10 a.m. EDT on Aug. 15. A selection is expected on Sept. 30.
The selected consultant will then assist in the RFP process for a third-party administrator. According to the consultant RFP, the administrator RFP will be finalized on Dec. 15 and proposals for that search will be due sometime in February. A selection in that search is expected on April 1.
A purchasing department spokesperson declined to comment.
