1965-P Addendum 2.pdf

This is an Addendum 2 document issued by Suffolk Public Schools in Williamsburg City, Virginia, related to the procurement of Plan Providers for 403(b) and 457(b) plan administration services. The addendum modifies the original Request for Proposals, with submissions required by June 29, 2026. The scope of work encompasses comprehensive administration of tax-deferred annuity (403(b)) and deferred compensation (457(b)) plans for school employees, including participant communications, compliance reporting, regulatory adherence under applicable Internal Revenue Code sections, and customer service delivery. Vendors must demonstrate substantial experience administering both plan types for educational institutions or public sector employers of comparable size and complexity. The contract contemplates multi-year terms with renewal options to be negotiated between Suffolk Public Schools and selected provider(s). An initial Addendum 1 was posted on June 15, 2026, and must be acknowledged and incorporated into all submissions.

Evaluation criteria include vendor qualifications, service offerings, fee structures, ability to meet operational requirements, competitive pricing with transparent fee schedules, participant communication capabilities, compliance reporting systems, and regulatory adherence. Incumbent providers may be considered if they submit competitive proposals meeting all RFP requirements. Vendors must maintain current knowledge of regulatory changes affecting plan operations and participant accounts. The specific details contained within Addendum 2 should be carefully reviewed and incorporated into all bid submissions, as addenda modifications supersede or clarify provisions in the original RFP documents.