City 401(a), Section 401(h), and 457(b) Deferred Compensation Plan Recordkeeping and Administration Services

City of Westminster

The buyer is seeking proposals from qualified retirement plan providers for recordkeeping and administration services. The services include trust custody, administration, recordkeeping, participant education, communication, and investment services for the buyer's retirement plans. The buyer aims to have a recordkeeper who can handle all administrative aspects, offer competitive fees, ensure data security, and provide structured contracts with performance guarantees. The provider should also offer multiple methods for participant education and preserve the current level of educational services.

• 1/14/2025 - Recommended Pre-Proposal Meeting
• 1/20/2025 - Deadline to Submit Questions
• 1/22/2025 - Response to Questions
• 1/27/2025 - Proposal Due Date

• Minimum 10 years experience administering non-ERISA Governmental 401(a) and 457(b) plans
• Minimum ten non-ERISA Governmental 401(a) and 457(b) plans with $50 million total assets
• Minimum ten 401(a) and 457(b) non-ERISA Governmental plans with 500 combined participants
• Ability to handle all aspects of non-ERISA benefit distribution processing
• Offer bundled service solution including recordkeeping, administration, communication, education, and investment management

• Provide trust custody, administration, and recordkeeping services for retirement plans
• Deliver participant education and communication services
• Offer investment services for the City's retirement plans
• Administer 401(h) Retirement Medical Savings Account
• Develop and maintain custom branded employee communication materials
• Provide in-person and virtual educational support to plan participants
• Offer online, mobile, phone, and in-person enrollment capabilities
• Prepare and deliver required participant notices and disclosures
• Provide institutional trustee services for the plan
• Administer and adjudicate claims under the 401(h)