Posted Date : August 10,2021
Product (RFP/RFQ/RFI/Solicitation/Tender/Bid Etc.) ID : BANKING-3527
Government Authority located in Tennessee; USA based organization looking for expert vendor for recordkeeping, administration and investment services.
[A] Budget: Looking for Proposals
[B] Scope of Service:
Vendor needs to provide recordkeeping/administration; communication/education; in-person field education; investment advisory; broad, open-architecture investment platforms; and custodial trustee services for the state optional retirement program and public higher education 403(b) plans to the government authority located in Tennessee.
• Reducing the current fee structure, by lowering participant and Plan expenses, through a nationwide competitive bidding process;
• Providing a transparent and equitable fee structure in which third-party administrator/recordkeeping expenses are an explicit charge to participant accounts;
• Enhancing participant support, service, and education;
• Providing participants with the technological and educational tools to set and monitor progress toward holistic retirement readiness goals;
• Streamlining employer reporting, Program and Plan administration, and Program and Plan
compliance activities.
- Experience and Presence in the Higher Education Defined Contribution Market
• Has extensive historical experience, demonstrated expertise, and a significant current presence in the higher education defined contribution marketplace.
- Focus on Quality and Consistency of Service Delivery
• Has a customer-focused approach;
• Adheres to successful quality assurance procedures;
• Follows a successful problem resolution methodology;
• Has a history of performing services on a timely basis;
• Performs services correctly and accurately every time;
• Able to receive and process payroll files of multiple frequencies from multiple pay centers;
• Performs an active role in all IRS deferral limit monitoring, including for 403(b) plan 15-year catch-up contributions;
• Has the ability to reconcile participant deferral elections (for 403(b) Plans) and statutory contribution requirements (for ORP) with contributions received after each payroll file and produce regular reports indicating instances in which contributions do not match deferrals;
• Able to efficiently make corrections in accordance with the IRS Employee Plans Compliance
Resolution System (EPCRS);
• Able to create/disseminate employer education materials, i.e, (i) How to use reporting portal and (ii) Employer “manual” for administrative systems;
• Able to process enrollments and deferral changes submitted by paper form, electronically online, or by telephone;
• Has ample client service staff to support the Plans payroll staff;
• Provides accurate, consistent and timely responses to inquiries;
• Provides reports on quality assurance; and
• Will sign a provider agreement specifying compliance activities to be performed by the vendor
Proactive Approach to Participant Education and Retirement Readiness
• Provides adequate access to in-state, one on one meetings with credentialed, preferably FINRA certified, field representatives at all campuses served within a reasonable amount of time;
• Provides field representatives that:
• Will provide plan information and retirement planning services with the ability to incorporate assets from other plans into retirement planning;
• Will conduct group meetings on the Plans (i.e. plan orientations) as well as general purpose
financial education meetings on a variety of topics (budgeting, market volatility, Social Security,
etc.);
• Ability to easily schedule meetings with field representatives and have the meeting occur within a
reasonable amount of time;
• Ability to measure participant satisfaction with field representative services;
• Ability to measure outcomes from field representative meetings;
• Ability to measure “retirement readiness” and specifically target those who are lacking in this area
with outreach;
• Produces easy to understand, participant-friendly communications that are actionable and
informative;
• Provides informed toll-free customer service center and field representatives;
• Provides a user friendly participant Internet site with evidence-based retirement readiness tools and information;
- Commitment to Technology and Resource Development
• Will interface with the payroll systems of UT and TBR as described below;
• Provides up to date, secure platforms that are easy for participants and the Plans to use;
• Has a defined plan for keeping platforms updated and secure;
• Continuously invests in technology and information/cyber-security;
• Has a participant website that:
• Has ORP and 403(b) account balances visible and manageable in sing
[C] Eligibility:
- Onshore (USA Organization Only);
[D] Work Performance:
Performance of the work will be Offsite. Vendor needs to carry work in their office location.
Budget :
Deadline to Submit Proposals: September 15,2021
Cost to Download This RFP/RFQ/RFI/Solicitation/Tender/Bid Document : 5 US$
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Product (RFP/RFQ/RFI/Solicitation/Tender/Bid Etc.) ID : BANKING-3527
Government Authority located in Tennessee; USA based organization looking for expert vendor for recordkeeping, administration and investment services.
[A] Budget: Looking for Proposals
[B] Scope of Service:
Vendor needs to provide recordkeeping/administration; communication/education; in-person field education; investment advisory; broad, open-architecture investment platforms; and custodial trustee services for the state optional retirement program and public higher education 403(b) plans to the government authority located in Tennessee.
• Reducing the current fee structure, by lowering participant and Plan expenses, through a nationwide competitive bidding process;
• Providing a transparent and equitable fee structure in which third-party administrator/recordkeeping expenses are an explicit charge to participant accounts;
• Enhancing participant support, service, and education;
• Providing participants with the technological and educational tools to set and monitor progress toward holistic retirement readiness goals;
• Streamlining employer reporting, Program and Plan administration, and Program and Plan
compliance activities.
- Experience and Presence in the Higher Education Defined Contribution Market
• Has extensive historical experience, demonstrated expertise, and a significant current presence in the higher education defined contribution marketplace.
- Focus on Quality and Consistency of Service Delivery
• Has a customer-focused approach;
• Adheres to successful quality assurance procedures;
• Follows a successful problem resolution methodology;
• Has a history of performing services on a timely basis;
• Performs services correctly and accurately every time;
• Able to receive and process payroll files of multiple frequencies from multiple pay centers;
• Performs an active role in all IRS deferral limit monitoring, including for 403(b) plan 15-year catch-up contributions;
• Has the ability to reconcile participant deferral elections (for 403(b) Plans) and statutory contribution requirements (for ORP) with contributions received after each payroll file and produce regular reports indicating instances in which contributions do not match deferrals;
• Able to efficiently make corrections in accordance with the IRS Employee Plans Compliance
Resolution System (EPCRS);
• Able to create/disseminate employer education materials, i.e, (i) How to use reporting portal and (ii) Employer “manual” for administrative systems;
• Able to process enrollments and deferral changes submitted by paper form, electronically online, or by telephone;
• Has ample client service staff to support the Plans payroll staff;
• Provides accurate, consistent and timely responses to inquiries;
• Provides reports on quality assurance; and
• Will sign a provider agreement specifying compliance activities to be performed by the vendor
Proactive Approach to Participant Education and Retirement Readiness
• Provides adequate access to in-state, one on one meetings with credentialed, preferably FINRA certified, field representatives at all campuses served within a reasonable amount of time;
• Provides field representatives that:
• Will provide plan information and retirement planning services with the ability to incorporate assets from other plans into retirement planning;
• Will conduct group meetings on the Plans (i.e. plan orientations) as well as general purpose
financial education meetings on a variety of topics (budgeting, market volatility, Social Security,
etc.);
• Ability to easily schedule meetings with field representatives and have the meeting occur within a
reasonable amount of time;
• Ability to measure participant satisfaction with field representative services;
• Ability to measure outcomes from field representative meetings;
• Ability to measure “retirement readiness” and specifically target those who are lacking in this area
with outreach;
• Produces easy to understand, participant-friendly communications that are actionable and
informative;
• Provides informed toll-free customer service center and field representatives;
• Provides a user friendly participant Internet site with evidence-based retirement readiness tools and information;
- Commitment to Technology and Resource Development
• Will interface with the payroll systems of UT and TBR as described below;
• Provides up to date, secure platforms that are easy for participants and the Plans to use;
• Has a defined plan for keeping platforms updated and secure;
• Continuously invests in technology and information/cyber-security;
• Has a participant website that:
• Has ORP and 403(b) account balances visible and manageable in sing
[C] Eligibility:
- Onshore (USA Organization Only);
[D] Work Performance:
Performance of the work will be Offsite. Vendor needs to carry work in their office location.
Budget :
Deadline to Submit Proposals: September 15,2021
Cost to Download This RFP/RFQ/RFI/Solicitation/Tender/Bid Document : 5 US$