Administrator/Record Keeper
The deferred compensation plan received seven proposals in response to an RFP issued in April.
The district issued a similar RFP for the services in 2021.
The plan’s previous third-party administrator search resulted in a manager change.
The administrator will be responsible for more than $231 million in retirement assets.
The authority is seeking a firm to provide retirement plan assessment, fiduciary review and benchmarking, among other responsibilities.
The city may be establishing a new 457(b) plan, replacing an incumbent administrator or formalizing an existing arrangement.
The plan retained three bundled providers at last week’s board meeting.
The deferred compensation plans currently work with Empower and Nationwide Retirement Solutions.
The township is looking to consolidate its 457 plan providers to one firm from two.
The plans considered approving an RFI last week due their record keeper’s upcoming contract expiration.
