Spokane, Wash., is searching for a record keeper for a $198 million 457 plan.
The city issued an RFP because it has not put the services up for bid since 2009, confirmed Phillip Tencick, director of the $280 million Spokane Employees’ Retirement System. Current t record keeper ICMA-RC has been invited to rebid, Mr. Tencick said.
The plan has 14 individual investment options and a target-date fund lineup managed by J.P. Morgan Asset Management.
The city also offers an additional $45 million 457 plan, which is open to city employees in International Association of Fire Fighters Local 29. That plan, for which Voya Financial is the record keeper, is not part of this RFP process.
The RFP is available on the city’s procurement website. Proposals are due at 1 p.m. PDT on July 27. A decision is expected no later than November.
Investment consultant Hyas Group is assisting.