Administration Services

The Vendor is required to provide the administration of 401(a), 457(b), IRA (ROTH), and the retiree health care savings plans (RHS) including assuming all fiduciary responsibilities, recordkeeping and administration, employee communication and education, investment management services, employer education and investment advisory services.
- Service Provider must/will:
•    Complete the vendor security questionnaire required by our IT department and provide cyber security policy.
•    Facilitate employee enrollment, including possible automatic enrollment for purposes of employer non elective contributions.
•    Facilitate employee deferral elections.
•    Process investment mix elections and reallocations.
•    Post contributions to participants’ plan accounts.
•    Catch-up contributions eligibility and processing.
•    Calculation and correction of missed contributions or excess contributions/deferrals, including investment gains/losses on same.
•    Qualification and processing of rollovers into the plans.
•    Collections and maintenance of beneficiary designations.
•    In-service withdrawal qualifications and processing.
•    Small-dollar cash-out calculation and processing.
•    Lump sum distribution processing.
•    Required minimum distribution monitoring and processing.
•    Set-up and monitoring of ad hoc and installment distribution.
•    QDRO qualification, processing, and alternate payee account set-up.
•    Loan qualification and processing
•    Life event processing, such as leave of absence, military leave, and beneficiary support in the event of participant death.
•    Preparation of employee enrollment kits, electronic and paper.
•    Quarterly participant statements, electronic and paper.
•    Preparation of standard participant fee, investment and confirmation notices.
•    Delivery of participant notices, electronic and paper.
•    Provide prototype, volume submitter, and/or specimen plan/trust document services.
•    Provide customized and/or specimen summary plan descriptions, summaries of material
•    Modifications and benefits/amendments overview materials.
•    Monitor plan contribution limits.
•    Internal revenue code section 415 testing.
•    Withhold, deposit, and report federal, state and local taxes on distributions, including issuing reporting forms (e.g., form 1099-r) to participants.
•    Maintain and track participant contribution rate changes and report an electronic feedback file with updated information to payroll so that they can in turn update their payroll deduction records.
- The Service Provider will be required to provide ongoing employer education as it relates to the day-to-day operation of the Plan including:
•    Transmission and receipt of contribution/payroll files
•    Features of the Plan sponsor website
•    Plan compliance with current and future regulatory requirements including participant notifications and plan amendments
•    Communication and education program
- Provide a representative who can provide a single point of contact, seamless administration and accountability, and meet on a regular basis with the City.
•    Field service representatives that provide enrollment and education services may not have commission-based compensation or any financial incentives to promote any investment product or service.
•    Field representatives’ compensation may not be structured for any bias towards any investment product.
•    A salary-based compensation structure is required for all field service representatives allocated to this relationship.

- Contract Period/Term: 1 year
- Questions/Inquires Deadline: October 01, 2025