Retirement Plan Governance and Fiduciary Advisory Services

Description

VERMONT STATE COLLEGES SYSTEM REQUEST FOR PROPOSALS Independent Retirement Plan Governance and Fiduciary Advisory Services RFP Issued September 1, 2026 Questions Due September 16, 2026 Proposals Due September 28, 2026 Finalist Interviews October 5-9, 2026 Anticipated Selection October 16, 2026 RFP Contact Barry Harte, CFOO | barry.harte@vsc.edu Vermont State Colleges System | RFP — Retirement Plan Governance & Fiduciary Advisory Services | Page 1 1. Purpose of the RFP The Vermont State Colleges system (VSCS or “the System”) invites proposals from qualified, independent retirement plan consulting firms to provide retirement plan governance, fiduciary, investment advisory, recordkeeper oversight, participant support, and related consulting services. VSCS is seeking more than traditional investment consulting. The selected firm will help the System establish and sustain a durable retirement plan governance framework; clarify fiduciary and delegated responsibilities; evaluate plan structure, investments, fees, participant experience, and service-provider arrangements; and support management and the appropriate governance body in overseeing the retirement program. VSCS intends to engage a firm capable of accepting discretionary responsibility for investment selection, monitoring, retention, and replacement to the fullest extent legally permissible under the System's governmental retirement plan structure. Firms that are unable to provide discretionary fiduciary investment management services should not submit a proposal. Respondents shall describe the fiduciary capacity in which they propose to serve VSCS, the responsibilities they would assume, the legal and contractual framework under which those responsibilities would be exercised, and any fiduciary or investment responsibilities that would remain with the System. 2. Background and Current Environment VSCS is a public higher education system serving Vermont through its constituent institutions. The System sponsors defined contribution retirement arrangements with aggregate assets that currently exceed $400 million. TIAA currently provides retirement plan recordkeeping and related services. The System includes represented and non-represented employees and multiple collective bargaining units.