Retirement Plan Administration Services

The Vendor is required to provide retirement plan administration services for the Town’s employee retirement plans, including 401(a) and 457(b) plans.
- Services include plan administration, fiduciary oversight, recordkeeping, compliance, customer service, and employee education.
- Administering retirement plans for public-sector and municipal government clients.
- The selected firm will be responsible for delivering comprehensive and compliant plan administration services tailored to the Town’s 401(a) defined contribution plans and 457(b) voluntary contribution plans with approximately total of $8 million in assets.
- This includes fiduciary oversight, exceptional participant support, compliance with evolving regulatory requirements, and strategic guidance to ensure the long-term success and integrity of the Town’s retirement benefits program.
- Plan Administration
•    Recordkeeping and transaction processing
•    Compliance with institute, department, and state laws
•    Management of plan documents and updates
•    Timely reporting and audits
•    Pass through of administration fees to plan participants
•    Administration of 457(b) plan-specific provisions (including catch-up rules)
•    Coordination of annual plan reviews and strategic recommendations
•    Board-related data provision and assistance with government-specific reporting, if applicable
- Fiduciary Services
•    Serve as a 3(38) investment fiduciary
•    Ensure prudent selection and monitoring of investment options
•    Maintain and disclose low fund expenses
•    Manage conflicts of interest
- Participant Services
•    Responsive, multi-channel customer support
•    Web-based portal with user-friendly, intuitive design
•    Mobile-compatible participant access
•    Support for roth contributions and loan provisions
•    Educational sessions, workshops, and online tools
•    Support for retirement readiness and participant outcome metrics (e.g., savings rates, deferral patterns)
- Reporting and Analytics
•    Real-time and scheduled reporting for the town and participants
•    Investment performance reporting
•    Compliance reporting and plan testing
•    Secure plan sponsor dashboard with access to analytics, audit data, and plan utilization trends
- Investment options
•    Diverse investment line-up including self-directed options
•    Access to institutional or other low-cost funds
•    Periodic review and recommendations to ensure optimal plan design
•    Transparent fee disclosures and fund performance evaluations
- Accessibility Requirements
•    Ensure all participant-facing platforms meet WCAG 2.1 AA standards
•    Support assistive technologies and provide accessible content
•    Offer participant communications and documents in accessible formats
- Additional Considerations
•    Plan design consulting and benchmarking
•    Multi-language support preferred (e.g., Spanish/English).

- Questions/Inquires Deadline: September 08, 2025