Rhode Island Office of the General Treasurer, Providence, is searching for record keepers for the state's $1.4 billion 401(a) plan and $417 million 457 plan.
The office is seeking proposals from firms that can provide record keeping and administrative services, along with communication and education, investment advisory, investment management and custodial trustee services, according to an RFP posted on its website.
The 401(a) plan's record keeper is TIAA-CREF, which is also a record keeper for the 457 plan along with Fidelity Investments and Voya Financial. The RFP does not disclose whether all the firms are eligible to rebid for the services.
In a memo posted on the website of the State Investment Commission included with Jan. 25 meeting materials, staff recommended the RFP due to the expiration of TIAA-CREF's five-year contract. The services were last put up for bid in 2017, which led to the hiring of the three firms.
According to the memo, the new RFP includes requests for "more robust information on cybersecurity."
The RFP is available on the treasurer's website. Proposals are due at 5 p.m. EST on March 10. A selection is expected April 26.
Kimberly Shockley, defined contribution administrator/benefit compliance chief, could not be immediately reached for further information.
