Request for Proposals for Retirement Plan Administration and Record Keeping Services

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”). The primary goals for this Request for Proposal (hereinafter “RFP”) process include the following: Enhancing participant retirement outcomes; Analyzing the overall competitiveness of the Plans; Providing for the integrated administration and reporting for the Plans; Offering the most appropriate investment menus; Improving participant education and communication services; Enhancing the formal education for the Deferred Compensation Committee (hereinafter “Committee”); Providing robust on-line transaction and information capabilities; Providing support for as many administrative functions as deemed appropriate; Evaluating alternative pricing structures; Reducing participant and Plan expenses; Providing for an orderly and timely transition of assets and services if necessary; and Formalizing the recordkeeper/Committee working relationship. 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. 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. 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.