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Council approves change of retirement recordkeeper after consultant review; retirees can opt to stay
Summary
Following an RFP and consultant briefing, the council approved transitioning the city’s 457(b) and 401(a) recordkeeping from ICMA MissionSquare to Nationwide; staff and the consultant said retirees may keep accounts with MissionSquare or roll to IRAs.
The Greenbelt City Council voted to transition its 401(a) and 457(b) retirement plan recordkeeping and administrative services from ICMA MissionSquare to Nationwide following a consultant-led request-for-proposals and benchmarking review.
NFP, the city’s benefit consultant, presented benchmarking results that showed significantly lower record-keeping fee bids from Nationwide (reported final bid at 2…
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