Third-Party Administration Services

The Vendor is required to provide third-party administration services for include:
- Investment management services
•    Service provider that can offer participants an attractive and flexible array of investment options. 
•    While the final investment line-up will be determined by the districts at their sole discretion, your firm’s proposal should assume that the variable investment line-up will remain the same.
•    Provide a detailed plan, transition strategy, and communication materials to explain any new plan changes and enhancements. 
•    The potential conversion from the current plan provider to the selected service provider will require you to explain the process, blackout period, and reconciliation of plan assets to the individual participant records. 
•    An on-site support team needs to be in place before the actual transition date.
- Administration, compliance, and recordkeeping services
•    Provide detailed information about their recordkeeping and administrative systems, as well as their use of technology. 
•    Important factors include the ability to process payroll deductions, monitor compliance with contribution limits, process participant transactions daily, and provide timely and accurate participant and financial statements. 
•    Provider must have a toll-free customer center, voice response services, and internet services that allow participants to access their accounts.
- Employee communication and education and enrollment services
•    Provide a comprehensive employee communication and investment education program.
•    Communication services are to be supported by customer service representatives and comprehensive internet services that provide participants with interactive financial and retirement planning tools and software.
•    A dual high-touch approach will be required to provide participants with the financial information and data needed to make informed investment decisions related to their elections.
•    An explanation outlining your firm’s capabilities in designing and implementing a communication and education strategy is required for the initial transition and ongoing process.
•    Identify a service provider that offers comprehensive communication and education services, supported by field representatives, to accommodate the needs of employees located throughout the district.