Request for Proposals for Retirement Plan Administration and Record Keeping Services

Description

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; andFormalizing 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 co