The vendor required to provide comprehensive 403b third party administrative and investment advisory services while maintaining open, timely, and consistent communication with county.
- Requirement:
• The plan with respect to all new employee salary deferrals and employer contributions with the option of allowing an in-service transfer of participants account balance into the funding vehicle upon establishing an individual account.
• Maintain accurate participant records, including demographic, salary deferral, and contribution information.
• Process participant enrollment and manage contributions from employees and employers.
• Payroll systems to establish and maintain accurate, timely data exchanges, including eligibility status, salary deferral elections, contribution amounts, and changes, and assist with reconciliation of payroll and contribution records.
• Process distribution requests, including required tax withholding, for the following:
o Hardship withdrawal
o Cash-outs and vested Terminees
o Retiree lump sums and periodic payments
o Partial lump sums
o Beneficiary and survivor benefits
o Qualified domestic relations orders (QDROS)
• Track and apply plan vesting schedules and requirements.
• Calculate and notify retirees and survivors of annual required minimum distribution (RMD) requirements and process them in a timely manner.
• Receive and process employee and employer contributions, loan repayments, and any other payments in accordance with plan terms.
• Ensure compliance with contribution limits and all applicable IRS regulations governing 403(b) plans, including monitoring and documenting compliance with the universal availability requirements applicable to 403(b) plans.
• Process and manage participant loan requests, including ongoing payments, defaults, and deemed distributions.
• Recommend a diverse range of investment options for approval by the investment committee and board.
• Facilitate participant-directed investment changes and transfers between investment options.
• Conduct regular comparative analyses of investment options and associated fees.
• Coordinate with auditors, including the preparation and organization of requested plan records.
• Monitor compliance with current and future IRS regulations applicable to 403(b) plans.
• Provide support and research on matters pertaining to plan design, compliance, and participant needs.
• Provide tools and resources for retirement planning and investment education
• Educate participants, both on-site and remotely, about plan features, investment options, and retirement planning, including periodic group and individual counseling sessions.
• Disseminate plan-related communications and updates to participants.
• Maintain a secure online portal for participants to access account information and execute transactions.
• Maintain familiarity with country employee state and local retirement and other benefits, and consult on 403(b) plan features, changes, best practices, and legislative developments.
• Provide recommendations on plan improvements and strategies to enhance participant outcomes.
• Designate executive-, management-, and administrative-level points of contact for the benefits office, payroll department, trustees, and other human resources staff.
• The event of termination or non-renewal of services, vendor shall provide reasonable cooperation in transitioning services to a successor provider, including data transfer and participant communications, subject to applicable law.
- Contract Period/Term: 2 years
