Request for Proposals for Retirement Plan Administration and Record Keeping Services

{
  "id": 32018,
  "_slug": "beniciaca",
  "title": "Request for Proposals for Retirement Plan Administration and Record Keeping Services",
  "status": "evaluation",
  "summary": "<p>The City (hereinafter “City” or “Plan Sponsor”) is soliciting proposals from qualified firms (hereinafter “Proposing Firm(s)” or “Firm(s)”) to provide retirement plan administration, record keeping, education, communications, investment-related, and other services for its 457(b), 401(a) and Retirement Health Savings (RHS) Plans (hereinafter “Plans”).</p><p>&nbsp;</p><p>The primary goals for this Request for Proposal (hereinafter “RFP”) process include the following:</p><ul><li><div class=\"list-item-child\">Enhancing participant retirement outcomes;</div></li><li><div class=\"list-item-child\">Analyzing the overall competitiveness of the Plans;</div></li><li><div class=\"list-item-child\">Providing for the integrated administration and reporting for the Plans;</div></li><li><div class=\"list-item-child\">Offering the most appropriate investment menus;</div></li><li><div class=\"list-item-child\">Improving participant education and communication services;</div></li><li><div class=\"list-item-child\">Enhancing the formal education for the Deferred Compensation Committee (hereinafter “Committee”);</div></li><li><div class=\"list-item-child\">Providing robust on-line transaction and information capabilities;</div></li><li><div class=\"list-item-child\">Providing support for as many administrative functions as deemed appropriate;</div></li><li><div class=\"list-item-child\">Evaluating alternative pricing structures;</div></li><li><div class=\"list-item-child\">Reducing participant and Plan expenses;</div></li><li><div class=\"list-item-child\">Providing for an orderly and timely transition of assets and services if necessary; and</div></li><li><div class=\"list-item-child\">Formalizing the recordkeeper/Committee working relationship.</div></li></ul><p>&nbsp;</p><p>As part of this process, the City, is looking to develop a Deferred Compensation Committee to carry out the fiduciary duties and have discretionary authority over the administration of the retirement programs. The Committee will continue to monitor and evaluate the Plans on an ongoing basis through regular meetings and it is expected that a record keeper representatives attend these quarterly review meetings.</p><p>&nbsp;</p><p>The Committee will potentially consider various revenue-generating investment menus. One is the traditional model where funds share revenue and plan costs are paid by the investment options. Another model is where the investment options do not share revenue and plan costs are paid through an explicit fee. Where revenue sharing investment options are the only alternative, the Committee may look to engage a model that provides for a more equitable distribution of that revenue to the participants that are actually invested in the funds that produced it. Several questions have been structured with these different types of models in mind.</p><p>&nbsp;</p><p>All RFP responses received in good order will be reviewed by Hyas Group, LLC (hereafter “City’s Consultant”) and an Evaluation Committee (hereinafter “Evaluation Committee”) formed specifically for this RFP. The Evaluation Committee is made up of City employees and will serve in an advisory role to the Committee. The Committee carries out the fiduciary duties and has discretionary authority over the administration of the Plan.</p><p>&nbsp;</p>",
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  "template": {
    "title": "Solicitation (Add RFP Doc)"
  },
  "addendums": [],
  "copyCount": 0,
  "isPrivate": false,
  "comingSoon": null,
  "created_at": "2022-11-30T00:22:32.000Z",
  "department": {
    "id": 2264,
    "name": "Finance"
  },
  "government": {
    "code": "beniciaca",
    "organization": {
      "city": "Benicia",
      "logo": "https://assets.procurement.opengov.com/logo-uploads/262805cd-c3c0-4d9d-9106-da87519be3ec_City_of_Benicia_CA_Logo.png",
      "name": "City of Benicia",
      "phone": "(707)746-4200",
      "state": "CA",
      "website": "https://www.ci.benicia.ca.us/",
      "zipCode": "94510",
      "address1": "250 East L Street  Benicia",
      "address2": null,
      "phoneExt": null,
      "timezone": "America/Los_Angeles",
      "countryCode": "US",
      "phoneCountry": "1"
    }
  },
  "financialId": "GEN# 22-042",
  "closeOutReason": null,
  "closedSubstatus": null,
  "proposalDeadline": "2023-01-26T01:00:00.000Z",
  "releaseProjectDate": "2022-12-14T00:29:39.068Z"
}