Virginia Retirement System, Richmond, hired investment consultant SageView Advisory Group to assist the system in its search for a record keeper for its defined contribution plans, spokeswoman Jeanne Chenault said in an email.
The retirement system issued an RFP in September for a consultant to assist the system's investment staff in the search process for a record keeper. Segal Marco Advisors was the other finalist.
VRS plans to issue an RFP sometime later this summer due to the upcoming expiration of current record keeper MissionSquare Retirement's contract at the end of 2024. The firm will be eligible to rebid, Ms. Chenault said. SageView will provide services for up to 12 months after the beginning of a new record keeper contract on Jan. 1, 2025, if there is a change in the provider.
The retirement system oversees $7.8 billion in eight state DC plans, including the $4.4 billion Commonwealth of Virginia 457 Deferred Compensation Plan, $998 million Hybrid 401(a) Cash Match Plan, $646 million Virginia Cash Match Plan and $498 million Hybrid 457 Deferred Compensation Plan.
The system posts RFPs on the commonwealth of Virginia's procurement website.
