Prisma Health, Columbia, S.C., hired Prudential Financial as record keeper of its new 403(b) plans.
The plans, which have combined assets of $1.3 billion, were created as a result of the merger of Palmetto Health, Columbia, S.C., and Greenville Health System, Greenville, S.C., in November 2017, said Tony Bohn, vice president, human resources, in a telephone interview.
The merged system first issued an RFP for a fiduciary manager to assist the company in merging their various defined contribution plans and continues to serve as the fiduciary for the plans, Mr. Bohn said.
Fidelity Investments was the incumbent for the Palmetto plans and Prudential was the incumbent for the Greenville plans.
NFP Retirement assisted the system in an invitation-only RFP issued to Fidelity and Prudential.
Mr. Bohn said the system was extremely pleased with both incumbents but selected Prudential because of price, services and on-site modeling.
The new plans, with Prudential acting as record keeper, launched in December, he said.