The Rhode Island Office of the General Treasurer, Providence, is searching for independent investment consultants for its 529, 401(a), FARP and 457(b) plans.
The CollegeBound Saver and CollegeBound 529 plans represent approximately $3.9 billion in assets and 163,000 funded accounts.
The state's 401(a) plan has approximately 41,000 accounts and more than $1.7 billion in assets.
The FICA alternative retirement plan has approximately $4 million in assets and 2,000 accounts.
The state's 457(b) plan currently has three record keepers: Fidelity, with approximately 1,900 accounts and $191 million in assets; TIAA with approximately 1,350 accounts and $58 million in assets, and Voya with approximately 4,500 accounts and almost $220 million in assets.
Independent consultants, either individuals or firms, will be selected to assess the investments of the aforementioned plans and to provide input and analysis for investment options and to advise on investment policy.
It is expected that these consultants will be engaged for a period of three years with the possibility for one-year extensions to be negotiated at the time of selection.
A spokesperson for the Rhode Island Treasury said that all these plans currently have Capital Cities as their investment consultant, adding that Capital Cities is eligible to respond to the RFP.
The RFP is on the treasurer's website. Proposals are due by 5 p.m. EST Jan. 12.
