457 Plan Provider and Administrative Services

The Vendor is required to provide 457 Plan Provider and Administrative Services for its employee deferred compensation program.
- The ability to meet or exceed the following specifications:
•    Effective communication: maintain clear and consistent communication throughout the project lifecycle, providing updates on production status and timelines.
•    Confidentiality: safeguard and handle any confidential files or data appropriately.
•    Services: provide 457 plan options and administer those plan options to the employees of the city, with the city acting as the plan sponsor. Plan options and administration should improve employee’s financial wellbeing upon retirement.
- Laws applicable to offering and administration of 457 plans
- Access to participant education, enrollment assistance, and ongoing customer service to ensure understanding of plan options and benefits.
- Accurate and prompt processing of contributions, distributions, rollovers, loans, and other plan transactions.
- Regular reporting to the City, including participant account summaries, compliance reports, and performance metrics.

- Contract Period/Term: 5 years
- Questions/Inquires Deadline: December 2, 2025