USAID, the United States Agency for International Development, is to start a search for custodians and investment managers for a new 401(K) retirement plan.
USAID anticipates releasing a request for proposal (RFP) for these services on June 25. The search will close on July 25. Selected custodians will provide record-keeping / administration services, whilst managers will provide investment options for the 401(K).
USAID is the principal US agency to extend assistance to countries recovering from disaster, trying to escape poverty, and engaging in democratic reforms. It is an independent federal government agency and receives overall foreign policy guidance from the US Secretary of State. Currently, USAID's funding is approximately 0.5% of the federal budget.
The agency works in six principal areas crucial to achieving both sustainable development and advancing US foreign policy objectives: economic growth and agricultural development; population, health and nutrition; environment; democracy and governance; education and training; and humanitarian assistance.
By Geoffrey Ho
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