Orange County Water District, Fountain Valley, Calif., is searching for a record keeper for its $155 million 401(a) plan and $32 million 457 plan.
The district is seeking a firm to "provide administration, record keeping, and investment management services for the district's 401(a) money purchase and 457 deferred compensation plans," according to an RFP posted on its website.
Prudential Financial is the current record keeper. Empower Retirement closed its acquisition of Prudential's retirement business April 1.
According to materials for the water district's Tuesday retirement committee meeting, Prudential will migrate all plans to Empower between the fourth quarter of 2022 and the fourth quarter of 2023, and the committee had previously approved issuing an RFP before the expiration of Prudential's contract on Dec. 31, 2023. Neither the RFP nor the meeting materials disclose whether Empower is invited to bid for the services.
The RFP is available on the district's website. Proposals are due at 4 p.m. PDT on Oct. 4. A timeline for a selection was not provided.
Investment consultant Sutherland Retirement Group of Wells Fargo Advisors is assisting.
Stephanie Dosier, director of human resources, could not be immediately reached to provide further information.
