1962-P Plan Providers, 403(b) and 457(b).pdf

This is a Request for Proposals document from Suffolk Public Schools in Virginia seeking plan providers for 403(b) and 457(b) retirement plans. The school district is requesting proposals from qualified vendors to serve as providers for both supplemental retirement savings plans and deferred compensation plans. The RFP outlines the evaluation criteria and requirements for plan providers who will manage administrative functions, investment options, and participant services. Proposals were required to be submitted by the specified deadline, with the selected provider(s) expected to manage these plans for the school district's eligible employees. The contract term and any renewal options would be negotiated with the selected provider(s) based on service delivery needs and performance expectations.

Pricing and compensation structures for the plan providers would be detailed in the submitted proposals, with costs likely structured around per-participant fees, asset-based fees, or flat administrative fees. The RFP may include specific requirements regarding service levels, investment options available to participants, and compliance with regulatory standards set by the Internal Revenue Service and applicable state laws. Incumbent provider information and any existing service levels would inform the evaluation of proposed alternatives, with the school district seeking to optimize cost efficiency while maintaining quality service delivery to employee participants in both retirement plan types.