Third Party Recordkeeping Administration and Associated Services

The Vendor is required to provide third party recordkeeping, administration and associated services for the state optional retirement program.
- Services include:
• Adheres to successful quality assurance procedures.
• Follows an effective problem resolution methodology.
• Performs services accurately and on a timely basis.
• Provides accurate and consistent responses to all inquiries.
• Measures and maintains a high level of customer satisfaction.
- Proactive approach:
• Develops and implements a plan that addresses participant education and service enhancements with clear and concise objectives, timetables and benchmarking methodology.
• Educates participants by assigning informed service representatives to the contract and deploying participant-friendly educational materials and communications.
• Provides on-site visits to participating employers for participant educational sessions and group meetings.
• Develops strong working relationships with participating employers to maximize educational opportunities.
• Provides participants with comprehensive retirement planning and investment education services.
• Offers comprehensive plan sponsor educational opportunities, as needed.
• Places emphasis on measuring and helping to improve participant retirement awareness.  
• Highly values information technology security and the protection of participant information.
• Invests continuously in technology.
• Demonstrates improvements (e.g., accuracy, timeliness) in client service through investments in cutting edge technological enhancements.
- Deduct recordkeeping and investment advice fees allowed under the contract from participant accounts on a quarterly basis.
- All investment options that are available to receive contributions shall be fully liquid (i.e., available within five business days) at the participant level.
- Process participant-initiated transactions, received in good order daily, as well as provide timely and accurate participant and plan-level statements.
- Have a toll-free customer service call center, automated voice response system and a secure, password-protected, transaction-enabled website and mobile app that allow participants to manage their state ORP accounts.
- Provide industry-standard data encryption and a secure method for participating employers to submit payroll data.
- Make investment advice, including a managed account service, available to all participants.
- Fees associated with managed account services must be explicitly listed in all educational and marketing materials.
- Contract Period/Term: 2 years
- Pre-Proposal Conference Date: May 01, 2025
- Questions/Inquires Deadline: May 07, 2025