Tennessee Department of the Treasury, Nashville, is searching for two record keepers for the state's Optional Retirement Program (a 401(a) plan), the University of Tennessee 403(b) Plan, and the Tennessee Board of Regents 403(b) Plan, which have a total of $4.4 billion in assets.
The department issued an RFP because it wants to consolidate to two record keepers to provide services to all the plans. The treasury department took over as plan sponsor of the university system retirement plans in 2019.
Shelli King, spokeswoman for Tennessee state Treasurer David H. Lillard Jr., said all current record keepers are eligible to rebid.
The Optional Retirement Program and Tennessee Board of Regents 403(b) Plan each have AIG Retirement Services, TIAA-CREF and Voya Financial as record keepers, and the University of Tennessee 403(b) Plan shares those record keepers with the other plans and also has Ameriprise Financial and Fidelity Investments as record keepers.
The RFP is posted on the treasury department's website. Proposals are due at 2 p.m. EDT on Sept. 15. A selection is scheduled for Nov. 3.
