Four finalists chosen for RI’s new defined contribution plan
The office of state Treasurer Gina Raimondo sends word that four finalists are in the running to create Rhode Island’s new defined contribution plan:
[T]he State Investment Commission will hear presentations from the four vendors recommended as semi-finalists to administer Rhode Island’s new defined contribution program. The presentations are scheduled for Tuesday, Feb. 14, beginning at 9 a.m. at the Department of Administration building. The four semi-finalists – Fidelity, Great-West, ICMA Retirement Corporation and TIAA CREF – were chosen from the 12 vendors who submitted proposals in response to the state’s RFP.
“Choosing a provider whose priorities are low-cost and secure investment products, combined with a robust member education and customer service program, remains our goal,” Raimondo said. “These vendor presentations are the next step in this process.”
The 12 vendor proposals were reviewed by members of the State Investment Commission, Treasury staff and Segal Advisors, the consultant for the defined contribution RFP process. The proposals were evaluated based on their detailed answers in the following areas:
– Efficient plan administration and record keeping
– Effective member communication and education mechanisms
– Robust investment options and management
– Comprehensive retirement planning
– Fees and expenses
In the coming months, Rhode Island will develop and launch this new program as mandated in the recently passed Rhode Island Retirement Security Act. The State Investment Commission is expected to approve a final choice by March 1, 2012. The new program will take effect on July 1, 2012.