2024_RFP_Template_-_April_2026_vg_MM.docx

PIERCE COUNTY REQUEST FOR PROPOSALS

TITLE: SECTION 457(B) DEFERRED COMPENSATION PLAN RETIREMENT PLAN RECORD KEEPING SERVICES

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RFP ISSUED BY:

Pierce County Procurement and Contract Services Attention: Procurement Specialist pcpurchasing@piercecountywa.gov 253-798-7456

Expected Term of Resulting Agreement The initial contract period is expected to be for five years.

Summary Pierce County, Washington (hereinafter “County” or “Plan Sponsor”) is soliciting proposals from qualified firms (hereinafter “Proposing Firm(s)” or “Firm(s)”) to provide retirement plan administrative services such as recordkeeping, education, communications, and investment-related services for its current 457(b) deferred compensation plan (hereinafter “Plan”).

Background The County is a public agency with approximately 3,200 employees eligible for the Plan. Employees are paid bi-weekly through one centralized payroll system for a total of 26 pay periods annually. The County uses Workday for its payroll administration system. All active full-time County employees participate in the Public Employees’ Retirement System administered by the Washington Department of Retirement Systems. There are approximately 50 separate locations/buildings located throughout the County. Regarding employee outreach, it would be expected that a record keeper representative visit each of the County worksites as part of their initial and ongoing participant education efforts. This last point is important to the Committee and participants; on-site participant representative(s) delivering education and other services in-person are highly valued.

The County currently uses Nationwide to provide basic administration, enrollment, participant communication and education, investment management and record keeping services for the Plan and its participants. As of March 31, 2026, there was approximately $350 million in the Plan.

Timelines/schedule THESE ARE REQUESTED DATES. FINALIZED DATES TO BE AGREED UPON ONCE FULL PCS/LEGAL/RISK REVIEW is complete

*If submission date(s) fall on a holiday, date/time will vary. Work with your assigned PCS representative to finalize details.

** TNT only allows listing of solicitations on Wed and Fri.

Project Description

GENERAL INFORMATION

Pierce County, Washington (hereinafter “County” or “Plan Sponsor”) is soliciting proposals from qualified firms (hereinafter “Proposing Firm(s)” or “Firm(s)”) to provide retirement plan administrative services such as recordkeeping, education, communications, and investment-related services for its current 457(b) deferred compensation plan (hereinafter “Plan”).

The primary goals for this Request for Proposal (hereinafter “RFP”) process include the following:

· Enhancing participant retirement outcomes;

· Analyzing the overall competitiveness of the Plan;

· Providing for the integrated administration and reporting for the Plan;

· Improving participant education and communication services;

· Enhancing the formal education for the Deferred Compensation Committee (hereinafter “Committee”);

· Providing robust on-line transaction and information capabilities;

· Providing support for as many administrative functions as deemed appropriate (outsourcing tasks is crucial to the County);

· Evaluating alternative pricing structures;

· Reducing participant and Plan expenses;

· Providing for an orderly and timely transition of assets and services if necessary; and

· Continuing the formal record keeper/Committee working relationship.

The County sits within the Seattle metropolitan area and is the second most populous county in Washington. It has a population of approximately 950,000 and the county seat is Tacoma. The Committee is made up of County employees and carries out the fiduciary duties and has discretionary authority over the administration of the Plan. The Committee will continue to monitor and evaluate the Plan on an ongoing basis through regular meetings (generally four times per year) and it is expected that a record keeper representative will attend and make presentations at these review meetings.

WITHDRAWAL OR EARLY TERMINATION PROVISIONS

One of the investment options within the Plan has liquidity restrictions. Assets in the Nationwide Fixed Account are subject to a market value adjustment in the event the contract is terminated and the Plan chooses a lump sum withdrawal option. The market value adjustment can be avoided should the County choose a 60-month transfer for Fixed Account assets.

SUBMITTAL CHECKLIST

For proposals to be considered the following must be included in your submittal:

1. Name, local address, email address, and phone number of the firm making the proposal.

2. The names and number of years the firm has been in business under current or previous names or additional assumed business names.

3. The name and title of the person authorized to execute a contract on behalf of the firm.

4. Any additional services or procedures of benefit to the County not specifically required by this Request for Proposal, which the Contractor offers to provide.

5. Complete pricing for all services in the proposal.

6. References listing customers with contracts for similar services.

7. The caption, cause number, Court, Counsel, and general summary of any litigation pending or judgment rendered within the past three (3) years involving the proposer.

8. Acknowledgement (via the County's eProcurement Portal) of each addendum issued

9. By submitting a proposal, proposer agrees that all documents, reports, proposals, submittals, working papers, or other materials prepared by the Contractor pursuant to this proposal shall become the sole and exclusive property of the County, and the public domain, and not property of the Contractor. The Contractor shall not copyright, or cause to be copyrighted, any portion of said items submitted to the County because of this solicitation.

Only electronic submittal via the County's eProcurement Portal shall be accepted. No hard copies, emails or fax submittals are acceptable.

Cover Letter The cover letter should be no longer than three pages. It must confirm that the Proposing Firm meets or agrees to the Minimum Qualifications listed below (unless formally waived as part of the RFP process). The letter should explain how your firm satisfies these qualifications, where appropriate. For example, for Minimum Qualification 1, list the six qualifying plans with their asset sizes. The letter should also demonstrate your firm's ability and qualifications to provide the requested services as specified. It must be signed by an individual with the authority to bind the Proposing Firm to the terms quoted in the RFP response.

Questionnaire Respond to all questions and requests listed in the Questionnaire section of the RFP. Copy each RFP question/request so that it precedes your written response.

Minimum Qualifications for Request for Proposals (RFPs)

1. Experience and Expertise: The proposing firm must have at least ten years of experience administering governmental 457(b) deferred compensation plans. They must currently manage at least six 457(b) deferred compensation retirement plans, each with assets of at least $350 million.

2. No Charges or Penalties: Any contract must state that there will be no front-end or back-end charges. There will be no restrictions or penalties for any plan- or participant-initiated transfers or withdrawals, except for specific provisions like equity wash or mutual fund-specific short-term trading fees.

3. Full Disclosure of Expenses: The proposing firm must fully disclose all fund expenses and revenue sharing arrangements for all funds offered within the plan. This includes an accurate assessment of product expenses and revenue for Fixed or General Account products.

4. Service Expenses Disclosure: The proposing firm must fully disclose all expenses and revenue for any services available under the plan, such as managed accounts, investment advice, financial planning, or self-directed brokerage accounts.

5. Product Promotion Restrictions: The proposing firm must agree not to sell or promote products not directly affiliated with the plan unless given specific, written authorization by the County.

6. Qualification to Do Business: Upon contract award, the proposing firm must be qualified to do business in the State of Washington.

7. Compliance with Regulations: The proposing firm must comply with all applicable State of Washington and federal regulations regarding governmental retirement plans and investment options. All applicable laws of the State of Washington will apply to this contract.

8. Consistency in Terms: The terms outlined in the RFP response and any enhancements must remain in place through negotiations and be part of the final contract unless specifically waived by the County in writing.

Scope of Work

1. Plan Setup, Transition, and Ongoing Administration Framework

1. Plan implementation and onboarding

1. Transition planning, procedures, and coordination of conversion activities

1. Data mapping and conversion from prior recordkeeper; historical data import and reconciliation

1. Plan document review, maintenance, and setup; summary plan description drafting

1. Establishment of plan-specific business rules and eligibility criteria

1. Administrative training and support for HR, payroll, and administrative teams to ensure accurate processing and compliance

2) Participant Recordkeeping and Account Maintenance

1. Eligibility tracking; processing new enrollments

1. Enroll new participants and support existing participants with account updates

1. Establish and maintain participant accounts and election percentages

1. Maintenance of money classifications; vesting tracking

1. Beneficiary designation and maintenance; address maintenance

1. Maintain/update participant data necessary to support plan administration; daily audit and reconciliation of plan and participant accounts

3) Payroll and Contribution Processing

1. Process regular and ad-hoc payroll contributions via payroll files

1. Support multiple payroll frequencies and sources

1. Automated validation and error reporting

1. Coordination of contribution and maintenance file delivery

4) Investment Administration, Trust and/or Custody

1. Trust and/or custody services

1. Daily plan- and participant-level accounting for all investments and money classifications; daily valuation of participant accounts

1. Trade execution and settlement

1. Investment fund mapping and changes; rebalancing and participant-directed investment election changes

1. Provide plan investment information to participants via phone/electronic/other means

1. Support custom investment options (e.g., stable value, self-directed brokerage), if applicable

5) Compliance Support, Testing, and Regulatory Updates

1. Contribution limit monitoring (e.g., 402(g), 415(c))

1. Required employee notification preparation and distribution

1. Provide legislative/regulatory updates and fiduciary training; keep sponsor informed of evolving regulations and required changes

6) Participant Services, Service Center, and Transactions

1. Participant call center availability and service center support

1. Secure participant website for account access and transactions; participant resource site for documents, tools, and updates

1. Educational tools and retirement planning calculators

1. Loans: modeling/processing and repayment tracking

1. Distributions and related processing:

4. Hardship withdrawals; in-service distributions

4. RMD processing and participant communications

4. Termination distributions (lump sum/installment); mandatory de minimis distributions

4. Rollover contributions into the plan

4. DRO qualification and processing

4. 1099-R preparation and distribution

1. Quarterly participant statement preparation and distribution

7) Plan Sponsor Services, Governance Support, and Reporting

1. Secure plan sponsor portal/web access with current and historical plan/participant reporting

1. Plan sponsor website support, including plan and participant reporting; online features to streamline administration

1. Custom reporting/analytics, plan health dashboards, and regular reporting on plan activity, contributions, participation trends, and performance metrics

1. Dedicated retirement plan account manager to support operations, resolve issues, coordinate training, and help maintain efficient plan management

1. Support plan amendments and updates

1. Participation/attendance at quarterly and other on-site plan sponsor meetings to provide updates, review performance, and support fiduciary decision-making

8) Communication, Education, Engagement, and Financial Wellness

1. Customized participant communication strategy; enrollment materials and campaigns; targeted messaging based on fairly specific demographics

1. Multi-channel distribution methods targeted to broad groups such as text, email, app notifications, etc.

1. On-site or virtual education sessions/visits (individual and group) on investment and retirement planning topics

1. Financial wellness tools and resources

1. Weekly financial education webinars on budgeting, saving, investing, retirement readiness, and broader wellness topics

1. Financial planning consultations (one-on-one availability) to help employees clarify goals and drive behaviors toward those goals

1. Plan design and participant education recommendations to optimize plan design and participant outcomes questionnaire Responses Guidelines:

1. Clarity and Conciseness: Keep your responses clear and concise.

2. Yes/No Questions: For questions marked with a (Yes/No) response, provide an explanation only if requested. If no explanation is requested, simply answer Yes or No.

3. Explanations: When an explanation is requested, be succinct and focus on the primary and most important aspects related to the specific question/request.

4. Tables: If a question includes a table, you may create your own table that replicates the one in the RFP document. Ensure it does not take up more space than the sample table.

5. Multiple Questions: For items that request responses to multiple questions, use separate spacing or bullet points for each response.

6. Assumptions: Assume all assets and participant accounts will be serviced by one firm. Remember the liquidity restriction mentioned in the Early Withdrawal or Termination Provisions section.

Questions:

1. Provide single contact for all matters related to this RFP.

Name:

Title:

Firm:

Address:

Phone number:

E-mail:

2. Complete the following for the primary local service representative that would work directly with participants.

Representative’s Name:

Years at Firm:

Years in industry:

Location (city, state):

Total number of client accounts serviced:

Total assets serviced:

Total number of participants serviced:

University degree(s) (BA/BS/MBA, etc. and school(s)):

Professional credential(s):

FINRA/Insurance license(s):

Typical work schedule (days and hours):

Anticipated turnaround time for returning emails and/or phone calls:

3. Complete the table for any person who would work directly with the Committee, such as a relationship manager.

Representative’s Name:

Years at Firm:

Years in industry:

Location (city, state):

Total number of client accounts serviced:

Total assets serviced:

Total number of participants serviced:

University degree(s) (BA/BS/MBA, etc. and school(s)):

Professional credential(s):

FINRA/Insurance license(s):

Typical work schedule (days and hours):

Anticipated turnaround time for returning emails and/or phone calls:

4. What is your recordkeeping fee assuming an open architecture investment menu (no use of proposed proprietary products)? Please provide 3-, 5-, and 10-year asset-based pricing under this scenario.

5. What is your recordkeeping fee assuming the use of proposed proprietary products (funds and/or services)? Please provide 3-, 5-, and 10-year asset-based pricing under this scenario.

6. List out those required proprietary products (funds and/or services) for enhanced pricing above.

a) Please provide the current or initial crediting rate and the length of time that rate is guaranteed for the Stable Value/Fixed option.

b) What are the additional rate guarantees for subsequent contract years?

c) Provide the floor rate as applicable.

d) Are there any surrender charges, contingent deferred sales charges, market value adjustments and/or other charges associated with a contract termination and subsequent transfer of plan assets to another provider?

e) If yes, please provide a description of the contract provision as well as how such charges are calculated.

f) Are there any liquidity restrictions on the Plan or any particular investment option, such as a 12-month put or other timed withdrawal provision, if the Committee were to terminate its relationship and transfer assets to another provider?

g) Are there any liquidity restrictions at the participant level on the required proprietary investment option for enhanced pricing, such as a 90-day wash provision?

h) For this product(s), what is the structure or type of investment (general account, separate account, pooled fund, etc.)?

i) Would the rate on the Fixed Account, General Account, Stable Value, etc. option(s) change as the result of any termination and/or re-bid notice? Please describe.

j) Would any assets in proprietary funds sit on your Firm’s balance sheet?

k) Also describe the procedure required to give notice of termination of any and all required proprietary investment products.

7. The County utilizes onsite education for Plan participants through a local service representative. The Committee would like to continue this service and is very interested in your ideas to optimize the education delivered to their participants. Based on the County’s demographic data and your Firm’s experience, complete the table below regarding your proposed on-site enrollment/education commitment. This response should be based upon the total days that could be committed to under the services contract. If partial service days are considered in the proposal, the partial service days should not be counted as full days, but rather as their proportional equivalent of each day (for example: two half days equal one full day under the contract).

Proposed annual number of on-site service days in Year 1:

Proposed annual number of on-site service days ongoing (after Year 1):

8. Will you offer participants comprehensive financial planning services? (Yes/No) If yes, will you offer participants comprehensive financial planning services through a Certified Financial Planner? (Yes/No) Is this person(s) an employee of your organization or subsidiary? (Yes/No)

9. Please provide a financial planning fee schedule.

Are fees for a financial planning service proposed by your Firm assessed to the entire participant population or only to those who use the service?

10. Describe the fee, if any, for providing investment advice, be it through the on-site representative using an online tool, or through the representative using some other program or approach.

11. Please provide a managed account fee schedule as well as a self-directed brokerage fee schedule.

12. Provide a list of all other participant-related administration expenses. Items such as loan fees and additional withdrawal processing expenses should be included.

Participant Administration Services Cost of Services ($) Loan set-up:

Loan maintenance:

Age 59.5 withdrawals:

Hardship withdrawals:

Required minimum distributions:

QDRO determination:

QDRO processing:

Stop payment:

Replacement 1099-R:

Wire transfer/ETF:

Other Disbursements:

13. Provide a list of all plan sponsor-related administrative expenses. This would include special reporting charges, legal fees, administrative processing fees, communications fees, QDRO administration fees, and plan document preparation fees (including any fees to maintain, update, and/or ensure compliance of such document with the Internal Revenue Code).

Plan Sponsor Administration Services Cost of Services ($) Plan reporting:

Plan document preparation:

Plan document maintenance:

Identifying population eligible for required minimum:

Lost participant/bad address search:

Assistance with audits:

Custom communications including customization of:

Plan-level fund changes:

Participant communication/mailing:

Others (list):

14. Identify any other participant or plan sponsor service fees not included above.

15. Briefly describe your data security process. Include a brief description of how access to participant data (current and archived) is controlled and monitored (i.e., who specifically can view participant account data, who can print this data, who can remove this data from your facility either on a laptop, memory stick, CD or as a printed report). Limit your response to 300 words.

16. Briefly describe your data back-up process. Limit your response to 300 words.

17. How many system security breaches has your organization experienced in the last three years? How many were under the current system?

18. How frequently is the security of your data assessed by external parties? State the date of the most recent verification and the party that performed it.

19. Briefly describe how indicative data, including Social Security numbers, is protected against fraud/theft (both internal and external threats), and what security protocols are in use to guard against fraud/theft? Limit your response to 300 words.

20. Describe the process your firm goes through in determining who bears the liability in any data security breach and/or whether your firm will make a participant whole in this instance.

21. Does your system use encryption in storage (Yes/No)? Does your system use encryption in transit (Yes/No)?

22. Complete the following table describing the performance guarantees, if any, you propose. Disclose the dollars you are willing to put at risk for failing to meet the proposed benchmarks.

EVALUATION CRITERIA

Matters relating to qualification to meet the County's needs will receive highest priority in evaluation. Matters relating to the means of meeting those needs described in the proposal will be considered secondary. Actual prices may be used to select successful offerors, and pricing methods and flexibility offered by a proposer for use in negotiation of a resulting contract may be considered in evaluation. After a proposal is selected, the County expects to negotiate the details of work to be performed based upon the proposal and the County's needs and appropriate pricing of selected tasks. If negotiations fail for any reason, including price, the County may choose to negotiate with other vendors to obtain an appropriate contract for needed services.

Firms will be evaluated on the following criteria (1-6 are pre-loaded in OpenGov and can be altered to your procurement need):

Experience / Recordkeeping – 25 points

1. Describe your firm’s ability to provide the proposed services given the scope of work and expected volume.

2. Provide an overview of your firm’s experience, including length of time in business and relevant experience delivering similar services.

3. Describe the experience and qualifications of the individuals who will be assigned to this engagement.

4. Provide customer references for clients with similar size, complexity, and scope.

5. Describe any past performance your firm has demonstrated when delivering similar services, including lessons learned or improvements made.

6. Provide any additional information demonstrating your firm’s recordkeeping expertise, service capabilities, or operational strengths.

Conversion / Implementation – 10 points

7. Describe your proposed implementation and data conversion methodology, including key phases, timelines, tools used, data validation steps, and quality assurance processes.

8. Outline the roles and responsibilities required from both your team and the County during implementation and data conversion.

Service Team / Dedicated Contacts – 10 points

9. Describe the structure of your service team, including dedicated contacts, escalation paths, and how responsibilities are assigned.

Education & Communication – 10 points

10. Describe your approach to participant education and communication, including materials, delivery channels, frequency, customization capabilities, and support resources.

Investments / Platform Flexibility – 10 points

11. Describe the flexibility, scalability, and key features of your platform, including integration capabilities, configuration options, and any innovative or value-add features.

Cost Proposal – 25 points

12. Provide a detailed cost proposal, including pricing structure, assumptions, and any optional or alternative pricing arrangements.

Quality of Proposal Submission – 5 points (Automatically scored; no question needed.)

Past Performance – 5 points

13. Describe your past performance when providing similar services to the County (if applicable) or similar public-sector clients.

RFP GENERAL TERMS AND CONDITIONS Included in OpenGov Reserved Rights and Procedures:

1. Pierce County expressly reserves the following rights:

a. To waive any and/or all irregularities in the proposals submitted.

b. To reject any or all proposals or portions thereof.

c . To base awards with due regard to quality of services, experience, compliance with specifications, and other such factors as may be necessary in the circumstances.

d. To make the award to any vendor or combination of vendors whose proposal(s), in the opinion of the County, is in the best interest of the County.

The County will not reimburse proposers for any costs involved in the preparation and submission of responses to this RFP or in the preparation for and attendance at subsequent interviews.

4. Cooperative Purchasing The Washington State Interlocal Cooperation Act, Ch. 39.34 RCW, authorizes public agencies to cooperatively purchase goods and services if all parties agree. By responding to this RFP, Consultants agree that other public agencies may purchase goods and services under this solicitation or contract at their own cost and without Pierce County incurring any financial or legal liability for such purchases. Pierce County agrees to allow other public agencies to purchase goods and services under this solicitation or contract, provided that Pierce County is not held financially or legally liable for purchases and that any public agency purchasing under such solicitation or contract file a copy of this invitation and such contract in accordance with RCW 39.34.040.

5. Public Records and Proprietary Material Proposers should be aware that any records they submit to the County or that are used by the County even if the proposers possess the records may be public records under the Washington Public Records Act (RCW 42.56). The County must promptly disclose public records upon request unless a statute exempts them from disclosure. Proposers should also be aware that if even a portion of a record is exempt from disclosure, generally, the rest of the record must be disclosed. Exemptions are narrow and specific.

Proposers should clearly mark any record they believe is exempt from disclosure.

6. Title VI Compliance Pierce County, in accordance with Title VI of the Civil Rights Act of 1964, 78 Stat. 252, 42 U.S.C. 2000d to 2000d-4 and Title 49, Code of Federal Regulations, Department of Transportation, subtitle A, Office of the Secretary, Part 21, nondiscrimination in federally assisted programs of the Department of Transportation issued pursuant to such Act, hereby notifies all bidders that it will affirmatively ensure that in any contract entered into pursuant to this advertisement, disadvantaged business enterprises as defined at 49 CFR Part 26 will be afforded full opportunity to submit bids in response to this invitation and will not be discriminated against on the grounds of race, color, national origin, or sex in consideration for an award.

7. E-Verify Pierce County requires contractors attest to participation in the E-Verify program. A sample E-Verify form will be attached to this solicitation and will be required to be completed by the contractor and returned with contract documents prior to the start of the contract term.

DEPARTMENT-PROVIDED ATTACHMENT(S)

Listed first in OpenGov, PCS standard attachments are listed second

-Include title/description of each attachment here and attach documents to Intake in OpenGov.

-Separate diagram, maps, sample agreements and upload as separate attachments.

-Be sure all files uploaded are clear and legible.

STANDARD PCS ATTACHMENTS (INCLUDED IN OPENGOV)

Attachment __: Sample services agreement (if applicable) Attachment __: Sample E-Verify form (if applicable) image2.png image1.jpeg