457 Deferred Compensation Brokerage Services

The Vendor is required to provide to procure a qualified 457 deferred compensation brokerage service provider that will support employee’s long–term retirement savings and encourage participation of the program.
- The broker selected will provide fiduciary and administrative responsibilities for the supplemental retirement savings 457 deferred compensation services for our employees if they choose to participate with the 457 program, assuring participants are receiving the best investment options with low-cost to establish long-term retirement savings.
- The County expects to enter a contract for administrative, recordkeeping, education, enrollment, fiduciary and investment management of 457 deferred compensation services.
- Assist County in searching for and choosing the best 457 deferred Compensation Company to offer 457 deferred compensation services
- Evaluate investment choices and performance at least annually
- Provide fee disclosures, expenses and other plan and investment-related information as required by the Department.
- Provide benchmark reports 
- Participant Education and communication regarding investment options, risks and costs to participants 
- Oversee reports are given to employees at least quarterly
- Monitor the plan to be in compliance with the law at all times
- Ability to facilitate a smooth transition from current 457 provider and give advice and assistance as necessary to achieve a successful transition, if applicable.
- Any and all administration, recordkeeping, education, enrollment, fiduciary and investment management services
- Provide that a backup plan is established and in place that ensures participant data can be restored, provides transaction history and other client related data in the event of a system malfunction or failure and provide there is a disaster recovery plan in place that includes procedures and regularly scheduled testing
- Provide open architecture investment platform with no proprietary fund requirements and full fee transparency.
- Oversee that distributions are paid timely and directly to employees and beneficiaries with appropriate tax reporting.
- Provide support on new and pending legislation, which affects public retirement plans, including plan amendment language as necessary.
- Ability to assist with the selection of a single 457 deferred compensation vendor and facilitate a smooth consolidation from the current multi-vendor arrangement to a sole provider solution.