Wisconsin Deferred Compensation Program, Madison, rehired Empower Retirement as third-party administrator.
The $6.5 billion 457 plan issued an RFP in April due to the upcoming expiration of Empower Retirement's contract on Nov. 30, 2022.
The plan's board approved the rehiring of the incumbent firm at its Dec. 10 meeting, confirmed Joanne Klaas, contracts specialist at the Wisconsin Department of Employee Trust Funds. Voya Financial was the other finalist, Ms. Klaas said.
The 457 plan has 18 individual investment options and a target-date fund lineup managed by Vanguard Group.