Recordkeeper for deferred compensation - 457(b) and 401(a) plans

The County of Sacramento is seeking proposals from interested firms that are qualified to provide 457(b) and 401(a) record-keeping and participant education services for the County’s deferred compensation plans. These primary services include, but are not limited to: Recordkeeping Administration Participant enrollment Participant education Custodial trustee service Regulatory support The primary objectives of the Request for Proposal include the following: Enhance participant outcomes; Improve participants’ financial wellness; Assess the competitiveness of the Plan’s fees; Enhance employees’ awareness of all the benefits and features the Plans offers; Improve participant communication and education; Increased reporting capabilities, including Part Time, Seasonal, and Temporary (PST) reporting, ad hoc reporting, annual report for board requirements, and integrating Sacramento County Employees’ Retirement System (SCERS) and Social Security (SS) data; Outsource administrative functions where appropriate; Strategically map participants’ assets to the Plan’s age-appropriate Qualified Default Investment Alternative (QDIA) target date fund unless an updated investment directive is received; Encourage participants to validate or update their beneficiary information; Retain plan assets by providing a platform that is competitive as both an asset accumulation and decumulation vehicle; Provide a platform that accommodates investment vehicles that mitigate investment related expenses, such as collective trusts and separate accounts; Provide compelling managed account solutions; Protect participant data and offer strong indemnification; Provide increased accountability and performance metrics; Allow in-service SCERS credit purchases; Allow catch-up and super catch-up contributions; If applicable, develop and implement a comprehensive transition plan, including a conversion education campaign; and Partner with a Vendor that offers the plan sponsor and participants a robust and intuitive digital experience.