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State Investment Commission Selects Defined Contribution Plan Vendor Finalists

PROVIDENCE, R.I. — General Treasurer Gina M. Raimondo today announced that the State Investment Commission unanimously voted to select Great-West and TIAA CREF as finalists to administer Rhode Island's new defined contribution program. The two companies were chosen from the four vendors who made presentations to the State Investment Commission earlier today.

"We will continue to evaluate the two finalists in the core areas defined in the RFP to determine which offers the best options, fees and level of service for Rhode Island," Raimondo said. "Site visits and final evaluations are the next steps in the selection process."

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.

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