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davidson1969

Possible Vendors?

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My district recently approved offering 457b programs but does not want to be responsible for selecting vendors. Thus, the district does not have a list of "approved vendors." The business manager says that he work with any vendor I select as long as its program meets the requirements established by the IRS code. So where can I start in identifying potential vendors of 457b programs?

 

I've talked with TIAA-CREF (have some money with them from a former job) but they want to be one of only 2-4 vendors approved by a district, not a program selected on an individual basis.

 

Any suggestions?

 

Thanks.

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Guest Joel L. Frank

Tell your business manager that a 457 Plan is not an individual contract/account plan like a 403b. There is no such thing as an approved list of vendors. A 457 Plan requires much more employer involvement than a 403b. The employer is required to adopt a Plan Document. The Trustees of the Plan will then select the investment product providers from one or more financial services firms. A much greater degree of employer due dilligence is required with a 457(b) Plan than simply allowing a certain number of product providers to come in and compete for the employee's business as is the case with the 403b.

 

Peace and Hope,

Joel L. Frank

 

 

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Guest Allison

Where can I advertise an RFP for a 457 plan? Are there provider-specific publications or websites that list solicitations for plans? I would like to avoid advertising in a "general circulation" newspaper so I don't have to sort through a lot of unqualified responses. Thanks for any assistance.

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Guest Mike

Hi Allison--

 

First, you should give yourself a lot of credit for undertaking this project. It is a lot of work. My firm is one of the sponsors of 403(b).wise/457b.wise (our ad is on the front page) and we specialize in the creation and issuance of RFPs to identify the most qualified vendors. We are an independent firm that is not affilitated with any vendors. I might be able to give you a few pointers to help with this project. If you are interested in obtaining, please let me know. Also, unlike a 403(b) program, the 457 plan is an employer sponsored plan. It will take a lot more fiduciary care selecting a vendor than for a 403(b).

 

Thanks,

Mike

 

Mike Beczkowski

Bolton Partners

800-394-0263

mbeczkowski@boltonpartners.com

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Guest Joel Frank

Mike,

 

Solicitation for business is a noble undertaking but in the proper forum. With all due respect your post should have been personally e-mailed to Allison.

 

Peace and Hope,

Joel

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