Somerville, Mass., is seeking for a third-party administrator for the city's 457(b) plans.
There is currently no third-party administrator for the city’s three 457(b) plans with total assets of $78 million, confirmed Thupten D. Chukhatsang, procurement analyst. The three separate plan administrators are Empower Retirement, AXA Equitable and Nationwide Financial. The three firms do not provide third-party administration services, so they are not invited to bid.
The city intends to award a three-year contract to the selected service provider, with an option to renew for an additional two-year term.
The RFP is available on the city's website. Proposals are due 2 p.m. EST on Dec. 30. A selection is expected to be made by Jan. 21, according to the RFP.
