Town of Los Gatos

Buyer is seeking proposals from qualified plan administrators to provide deferred compensation retirement plan administration, recordkeeping, communication, education, investment management, and custodial trustee services for their 457(b) Plan and 401(a) retirement plan. The primary goals include enhancing participant retirement outcomes, analyzing plan competitiveness, providing integrated administration, offering appropriate investment options, improving education services, providing online capabilities, evaluating pricing structures, reducing expenses, and ensuring orderly transition of assets. Buyer's 457(b) Plan is available to all full-time employees who may direct contributions to different investment fund options.

• 4/4/2025 - RFP Release
• 4/25/2025 - Proposal Due Date
• 5/5/2025 - Proposal Evaluation
• 5/5/2025 - Consultant Interviews/Presentations (if necessary)
• 5/12/2025 - Contract Negotiations and Execution

• Ten years experience under legally registered business name
• No bankruptcy filings under any business name in past ten years
• Not under investigation by state or federal regulatory agencies
• Minimum of 75 public sector 457(b) Plans with $2.5 billion assets
• Minimum of 40 public sector HRA/RHSA Plans with $100 million assets
• Available for quarterly on-site meetings at the Town
• Preferably has Home Office/Main Office in California
• Experience with public agency 457(b) plans for full-time employees
• Team-based service model rather than sole-advisor approach
• Serve in fiduciary capacity as 3(38) equivalent

• Draft investment policy for retirement plans
• Evaluate performance results and investment fees quarterly
• Advise on prudence of investment manager selection and retention
• Recommend watchlist or termination actions for underperforming investments
• Provide guidance on mapping liquidated funds to other options
• Draft participant communications regarding plan investments
• Present quarterly reviews of plan assets and activity
• Determine services needed for prudent plan administration
• Negotiate service agreements and fees with recordkeepers
• Provide onsite participant education sessions
• Review and advise on retirement plan MOUs
• Assist with staff reports and resolutions
• Advise on best practices in plan design
• Interpret federal and state regulations affecting retirement plans
• Attend council meetings to provide plan insights
• Engage directly with represented employee groups
• Conduct fee and document audits regularly
• Assist with plan corrections for mismanaged accounts
• Review recordkeeper documents before distribution
• Provide RFP management services for vendor selection