Sacramento (Calif.) Municipal Utility District hired Russell Investments as discretionary investment consultant for its 401(k) and 457 plans, according to an intent to award notice on its procurement website.
The district issued an RFP in November 2018 for a consultant to provide fully delegated services, maintain the investment policy and manage the investment option lineups of the plans, the RFP said at the time.
Andrew McDermott, senior procurement specialist, said at the time: "There were consultants to assist, but the services were internal."
According to the RFP, the plans, which have a combined $400 million in assets, offer four tiers with identical investment lineups: risk-based funds, passive options, active core options and specialty options (which feature real return, emerging markets and a self-directed brokerage window).
Mr. McDermott was not available to provide further information.