Santa Ana, Calif., is searching for a third-party administrator for its $121 million 457 plan.
The city issued an RFP due to the upcoming expiration of the contract of the current administrator, said Eva Pierce, buyer for the city in its purchasing department.
The city’s website lists Prudential Financial as the current administrator. That firm’s retirement business was purchased by Empower Retirement in April; Ms. Pierce said all eligible firms can bid for the services.
The city's 457 plan has 21 individual investment options, plus a target-date fund series managed by T. Rowe Price Group.
The RFP is available on PlanetBids procurement website. Registration is required. Proposals are due at 4 p.m. PST on Jan. 5. A selection is expected in April.
Investment consultant Benefit Financial Services Group is assisting.
