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
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.