Recordkeeper for Deferred Compensation - 457(B) and 401(A) Plans Tender, USA - 100992695

Procurement Summary

Country : USA

Summary : Recordkeeper for Deferred Compensation - 457(B) and 401(A) Plans

Deadline : 21 Jun 2024

Other Information

Notice Type : Tender

TOT Ref.No.: 100992695

Document Ref. No. : 2023-GEN-0373

Competition : ICB

Financier : Self Financed

Purchaser Ownership : Public

Tender Value : Refer Document

Purchaser's Detail

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Tender Details

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:RecordkeepingAdministration Participant enrollmentParticipant education Custodial trustee serviceRegulatory supportThe 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; andPartner with a Vendor that offers the plan sponsor and participants a robust and intuitive digital experie...

Documents

 Tender Notice