Title
A Resolution accepting the recommendation of the Chief Procurement Officer to award the Recordkeeping and Plan Administration contract for the 401(a) Defined Contribution and 457(b) Deferred Compensation Plans to Nationwide Retirement Solutions, Inc., the most responsive-responsible proposer, in the amount of 0.06 percent annually on all plan assets, for a five (5) year period with options to renew, pursuant to Section 2-828 of the Procurement Code entitled “Contract Award” and Request for Proposals (RFP) 2016.03VF; should negotiations fail with the most responsive-responsible proposer, negotiations shall commence with next most responsive-responsible proposer, until an agreement and contract amount acceptable to the City has been reached.
Body
The Retirement Committee, as formed by the City, is tasked with the responsibility to ensure that the plans are being administered under well documented defined contribution plan “best practices” relating to fees, investments, participant education and administration on behalf of eligible employees and retired participants. All provider services as listed shall be reviewed independently as component services for transparency and associated costs. The City previously contracted with The Bogdahn Group to provide technical assistance on this project as well as ongoing fiduciary governance and investment consulting. They are contracted for a flat, annual fee of $35,000 or approximately 0.055% based on current plan assets.
The purpose of this RFP is to solicit proposals from qualified firms to provide component services for 401(a) Defined Contribution and 457(b) Deferred Compensation Plan Administration and Recordkeeping. The professional services solicited may include, but are not limited to, the following bundled administrative services: custodial trustee, administrative, recordkeeping, participant education, enrollment and regulatory support for the 457(b) and 401(a) plans.
On March 16, 2016, the Procurement ...
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