Financial Advisory Services

The Vendor is required to provide financial advisory services for act defined contribution plans with deferred compensation accounts for 457(b), 401(a), and 457(b) act, section 115 trust HRA, and section 115 trust pension pre-funding plan.
- As of December 31, 2024, the total assets in the plan were $370 million with 2,304 enrolled participants across three different plan types.
- Services include:
• The 457(b) plan has $369 million in assets with 2,114 enrolled participants, of which, 1,133 are active, 752 inactive, and 229 payouts.
• The 401(a) plan has $890 thousand in assets with 47 enrolled participants, of which, 13 are active and 34 are inactive.
• The 457(b) OBRA plan has $119 thousand in assets with 143 enrolled participants, of which, 50 are active, 92 inactive, and 1 payout. Inactive participants are those who have had no contributions or payouts in 30 days and payout participants are those with a balance and a payout.
• Advise on fiduciary responsibilities and provide updates on regulatory changes.
• Assist in preparing for and managing audits or compliance reviews.
• Conduct periodic reviews of the plan’s governance policies.
• Recommend changes to investments to align with plan goals and market outlook.
• Monitor and report on the performance of investment options.
• Assist in the selection and evaluation of investment providers and fund managers.
• Assist in the selection and negotiation of contracts with plan administrators and service providers.
• Conduct regular performance reviews of vendors and provide recommendations for improvements.
• Facilitate benchmarking studies to ensure fees are reasonable and competitive.
• Fees to include trust administration, trustee, custodian, and investment advisory fees.
• Develop and deliver educational programs to increase participant awareness and engagement.
• Provide guidance on financial wellness initiatives and retirement planning.
• Create communication materials such as newsletters, webinars, and plan updates.
- Contract Period/Term: 4 years
- Questions/Inquires Deadline: May 30, 2025