Tennessee Department of the Treasury, Nashville, hired Segal Marco Advisors as general consultant for five state defined contribution plans, said Shelli King, spokeswoman for state Treasurer David H. Lillard, Jr., in an email.
The department issued an RFP for a single consultant to provide services including consulting on plan design and record keeping for the five plans, Ms. King said. There is no firm currently providing these services.
The other finalist was Cammack Retirement Group.
Segal Margo Advisors will conduct an efficiency study of the $2.1 billion University of Tennessee System 401(a) plan, $1.8 billion Tennessee Board of Regents 401(a) plan and the state's $650 million 403(b) plan; and provide ongoing consulting services for the state's $3.4 billion 401(k) plan and $532 million 457 plan.
The consultant will also assist in any potential RFPs for record keepers following those record keepers' contract expirations in 2022.
