Wisconsin Deferred Compensation Program, Madison, is searching for a firm to provide an FDIC-insured investment option that functions as a deposit account for participants in the $5.2 billion 457 plan.
The plan's current vendor is Johnson Bank of Racine, Wis., which provides an FDIC-insured liquid deposit alternative for participants, according to an RFP posted on the Wisconsin Department of Employee Trust Funds' website.
The current option provides an interest rate for participants equal to the current rate for the 90-day U.S. Treasury bill, plus a spread of 15 basis points, for a total rate of no less than 0.3%.
The current option had $131 million in assets as of Dec. 31. Whether the current firm is invited to rebid could not be immediately learned.
The RFP is available on the ETF's website. Proposals are due at 2 p.m. CDT on May 4. A selection is expected at the deferred compensation plan's board meeting June 11.
Shelly Schueller, director of the deferred compensation program, could not be immediately reached for further information.