University of North Carolina System, Chapel Hill, is searching for a single record keeper for its five defined contribution plans.
The system has issued an RFP because it's considering consolidating to a single firm for the plans' record keeping and administration, said Brian M. Usischon, senior associate vice president for human resources, in an email. Current record keepers Fidelity Investments and TIAA-CREF are eligible to rebid, he said.
On the human resources website of Boone, N.C.-based Appalachian State University, one of the 18 UNC System schools, a notice from the system says they are considering moving to a single record keeper to streamline the enrollment process, better leverage the $10.3 billion in total DC plan assets to reduce fees and expenses, as well as "consider and possibly implement investment solutions that better fit the unique aspects of our employee demographics."
The system's five DC plans include the $7.8 billion Optional Retirement Program and $2.2 billion 403(b) plan.
The RFP is available on the state's procurement website. Proposals are due at noon EDT on May 12. A contract award is scheduled for July 20.