1965-P Plan Providers, 403(b) and 457(b).pdf

This is a Request for Proposals (RFP) document from Suffolk Public Schools in Virginia for Plan Providers to administer 403(b) and 457(b) retirement plans. The RFP seeks qualified vendors to provide comprehensive plan administration services for both tax-deferred annuity (403(b)) and deferred compensation (457(b)) plans. The proposal submission deadline is specified within the document, with proposals to be evaluated based on vendor qualifications, service offerings, fee structures, and ability to meet the school division's operational requirements. The contract will establish an ongoing vendor relationship for plan administration services with the potential for multi-year terms and renewal options as negotiated between Suffolk Public Schools and the selected provider(s).

The RFP emphasizes the importance of competitive pricing and transparent fee schedules from prospective vendors. Vendors are expected to demonstrate experience in administering 403(b) and 457(b) plans for educational institutions or public sector employers of similar size and complexity. The evaluation process will assess vendor capabilities in participant communications, compliance reporting, regulatory adherence, and customer service quality. Incumbent providers may be considered if they submit competitive proposals meeting all RFP requirements. The selected provider(s) will be responsible for ensuring full compliance with Internal Revenue Code sections governing both plan types and maintaining current knowledge of regulatory changes affecting plan operations and participant accounts.