The vendor is required to provide deferred compensation plan recordkeeping and administration services trust custody, administration, recordkeeping, participant education, and communication and investment services for the city’s retirement plans.
- Provider that has the capacity to deal effectively with employees of a program of its size. The City’s desired goals, objectives, and outcomes for the resulting contract have been identified as:
• To have a record-keeper who will take care of all possible administrative aspects of the plan;
• Competitive and transparent fees;
• Appropriate data security;
• Utilize best business practices for administering the Plan, including the 401(h) Retirement Medical Savings Account;
• Structured contracts with performance guarantees.
• Multiple vehicles and methods for participant education; and
• Preservation of level of educational services to plan participants. - Provider shall carry the insurance specified in the services contract, which is included and shall submit proof of such insurance when delivering the executed contract to the agency.
- Provide qualified, local, in-person and virtual educational support to Plan participants presented by employees of your firm that do not receive any financial incentives or commissions based on participant investment selections or promotion of any investment product or services.
- Maintain the security and confidentiality of client information through a system of controls including restricting plan and participant information to only those who need it to provide services, software and hardware security, access controls, data back-up and storage procedures, non-disclosure agreements, security incident response procedures, and audit reviews.
- Provide a brief history of your firm. Include the following information:
• Year founded
• Services provided (recordkeeping, life insurance, custodial/trustee, etc.)
• Parent/Subsidiary/Affiliate Relationships
• Ownership (publicly traded/privately held)
- Ability to include Social Security in estimates/projections
- Ability to exclude Social Security in estimates/projections
- Ability to manually add external account information (e.g., defined benefit plan, savings accounts, and credit cards)
- Ability to automatically pull in external account information (e.g., defined benefit plan, savings accounts, and credit cards).
- Contract Period/Term: 5 years