Vallejo, Calif., is searching for record keepers for its $44 million 457 plan.
The city issued an RFP for firms to provide retirement plan administration, record keeping and other related services for the 457 plan, as well as a 401(a) plan and retirement health savings plan, each of which have less than $1 million in assets.
All current record keepers are invited to rebid, said Vincent Galindo, senior consultant at investment consultant Hyas Group, which is assisting with the search.
Mr. Galindo said it has yet to be determined whether the city will consider consolidating to a single record keeper.
The 457 plan's current record keepers are AIG Retirement Services, ICMA-RC, MassMutual Financial and Nationwide Financial. ICMA-RC is record keeper for the 401(a) plan and retirement health savings plan.
The RFP can be obtained by emailing Mr. Galindo. Proposals are due at 5 p.m. PST on Jan. 21. Finalist interviews are scheduled for April 9, with a decision expected shortly thereafter.
