26-011_-_Appendix_A_-_Proposal_Forms_and_Data.xlsx
XLSX spreadsheet 63 KB Posted
- Attached to
- Generator Repair and Maintenance Services State and local contract opportunity
- Solicitation number
- 26-011
- Issued by
- Charles County, Florida
About this file
This is a Request for Proposal (RFP) form package issued by Charles County Government for recordkeeping, administration, and communication services for their 457(b) deferred compensation plan (RFP #26-011). The RFP was released on August 22, 2025, with proposals due by October 8, 2025, at 11:00 am. The contract term begins upon execution and runs through June 30, 2030, with optional three one-year renewal periods. Charles County seeks qualified vendors capable of serving approximately 1,606 full-time and 703 part-time eligible employees with current plan assets of $92,240,421. Required services include comprehensive recordkeeping and plan administration, participant education and communication across eight different county locations with monthly on-site support, technology infrastructure supporting open architecture investment platforms with real-time data processing, cybersecurity protections, and participant service capabilities including call centers, websites, and transaction processing. The RFP contains extensive evaluation criteria across seven sections addressing general organizational information, recordkeeping system capabilities, interactive participant services, communications and case management, custodial services, investment platforms, and in-plan annuity offerings.
Vendor pricing must be submitted in basis points and per-participant fees under scenarios both with and without proprietary capital preservation options, with standard contract rate guarantees of five years plus optional three one-year renewal periods. Current plan providers are Nationwide, Empower, and Brighthouse, indicating the county is open to both incumbent and new vendors. Vendors must meet minimum criteria including offering open architecture investment platforms, maintaining at least one million participants on proposed recordkeeping platforms, employing non-commission-based representatives, providing formal cybersecurity guarantees, supporting fee levelization, and assuming surrender charge reimbursement obligations for participants transferring assets from legacy providers. The RFP does not indicate specific set-asides for disadvantaged enterprises. Vendors must provide detailed documentation across multiple form tabs including organizational history, financial ratings, insurance coverage, litigation history, client references, system specifications, business continuity plans, compliance controls, participant communication strategies, implementation timelines, and comprehensive fee disclosures. The average monthly gross payroll is $151,042,970, and vendors are required to complete annual cybersecurity questionnaires if utilizing cloud services.
View the file
Other files for this state and local contract opportunity
| File | Type | Posted |
|---|---|---|
| Sample_Contract_-_Term_&_Renewals_Specified.pdf | ||
| 26-011_-_Appendix_A_-_Proposal_Forms_and_Data.xlsx | XLSX spreadsheet | |
| 26-011_-_Appendix_A_-_Proposal_Forms_and_Data.xlsx | XLSX spreadsheet | |
| Sample_Contract_-_Term_&_Renewals_Specified.pdf | ||
| Sample_Contract_-_Term_&_Renewals_Specified.pdf | ||
| Deferred_Compensation.pdf | ||
| Deferred_Compensation.pdf | ||
| Deferred_Compensation.pdf |
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Text version
Instructions
| Charles County Government | |
| RFP #26-011 | |
| Deferred Compensation | |
| Instructions: | |
| Please Read: | |
| NOTICE: | You must read these instructions in full and confirm you have read and understand them by entering your name and date in the appropriate fields at the bottom of this spreadsheet. |
| Instructions: | The following Proposal Forms in this workbook will be used to gather vendor responses in regards to your capabilities to provide the required services of this RFP to Charles County Government. Your responses will be compared and scored against the other vendors responses. |
| Please do not modify the tabs. Modifying the tabs or layout may eliminate your company from consideration. Please do not: |
- Add or Delete Cells
- Renumber or Add Questions
- Delete Questions - If you cannot respond to a question please just note - 'No Response Available' or 'N/A'.
Responses to questions should be brief and concise. 'Yes' or 'No' responses are encouraged when appropriate within the dropdown menu. The maximum amount of characters for a response is 500.
| Disclaimer: | By entering my name and date below I am confirming that I have read the above instructions in full regarding providing responses to the Questions in this workbook and completion of the proposal forms. I also confirm our firm understands the information provided in this Request for Proposal and all attachments is confidential and proprietary and will only be used to prepare a proposal response. |
| Company Name: | |
| Name: | |
| Date: |
Disclaimer
| Charles County Government | |
| RFP #26-011 | |
| Deferred Compensation | |
| Indemnity Agreement: | |
| Vendor agrees to the following: | |
| Hold Harmless Agreement | Vendor shall indemnify and hold harmless the Client, its respective directors, officers, employees (acting in the course of their employment, but not as claimants) and agents, against any and all liability or expense (including the cost of legal defense or settlement) which was caused by (vendor’s) negligent or intentional misconduct, breach of this Agreement, fraud, or its breach of fiduciary responsibility, related to or arising out of this Agreement or the Client’s role as employer or Plan sponsor. |
| The party seeking indemnification under (a) above must notify the indemnifying party promptly in writing of any actual or threatened action, suit or proceeding to which it claims such indemnity applies. Failure to notify the indemnifying party shall be deemed a waiver of the right to seek indemnification. | |
| The party seeking indemnification may assume responsibility for the direction of its own defense at any time, including the right to settle or compromise any claim against it without the consent of the indemnifying party, provided that in doing so it shall be deemed to have waived its right to indemnification except in cases where the indemnifying party has declined to defend against the claim. | |
| The indemnification obligations of (vendor) shall terminate upon the expiration of the Agreement except as to any matter concerning which a claim has been asserted by notice to the other party at the time of such expiration or within 365 days after effective date of Agreement termination. | |
| Disclaimer: | By entering my name and date below I am confirming that I have read the above hold harmless language and the instructions to this RFP in full and certify that our response to Charles County Government's RFP is complete and accurate to the best of my knowledge and contains no material omissions or misstatements. |
| By signing below, you certify that bidder is able to comply with all the qualifications and requirements described in this RFP, and further, agree to maintain them for the entire contract term. I certify this RFP has not been separated, copied, changed or modified in any way. | |
| Company Name: | |
| Officer Name: | |
| Title: | |
| Phone: | |
| Email: | |
| Date: |
Info
| Charles County Government | |
| RFP #26-011 | |
| Deferred Compensation | |
| Information: | |
| RFP Coverages: | DEFERRED COMPENSATION |
| Current Carrier(s): | Nationwide |
Empower Brighthouse
| Current Plans: | 457(b)-retirement plan |
| Proposed Plans: | Quote on all current plans |
| Proposed Rate Guarantee: | Five (5) Years and optional three (3) one-year renewal years |
| Objective: | Located in La Plata, MD, Charles County is seeking proposals from qualified firms that can provide record keeping, administration and communication services for the 457(b) Deferred Compensation Plan. |
| Notes: | Minimum Criteria: |
Vendor must offer an open architecture investment platform.
Vendor must not submit an equity index annuity solution.
Vendor must not require use of proprietary target date funds or risk models.
Vendor must have at least 1 million participants on the proposed recordkeeping platform (excluding wealth management assets).
Vendor representatives must be compensated on a non-commission basis.
Vendor must provide the on-site support outlined in the RFP.
Vendor must offer a formal retirement recordkeeping cybersecurity guarantee.
Vendor must be able to reimburse participants for surrender charges incurred when transferring assets from a legacy provider, within a defined schedule and limits.
Platform must support fee levelization to ensure access to the lowest net-cost share class.
TF 1.0 General Information
| Charles County Government | |||||
| RFP #26-011 | |||||
| Deferred Compensation | |||||
| TF 1.0 General Information | |||||
| # | QUESTION | ACTION | RESPONSE | ADDITIONAL RESPONSE | |
| A | Organization | ||||
| 1 | Please provide the following information regarding your company: | ||||
| a | Full name of company | Provide Response | |||
| b | Home office address | Provide Response | |||
| c | Local business address (if available) | Provide Response | |||
| d | Brief overview of your company and history of your organization | Provide Response | |||
| e | Description of all parent/subsidiary/affiliate relationships | Provide Response | |||
| f | An organizational chart of your retirement plan operations | Provide Response | |||
| 2 | Are there any public agreements to merge or sell your company or parts of your company? | Provide Response | |||
| 3 | Is any portion of your services, including but not limited to recordkeeping services, subcontracted to a third-party provider? If yes, please identify the following information: | Provide Response | |||
| a | Name of third party | Provide Response | |||
| b | History of the subcontractor’s organization (including date of entry into the benefits field). | Provide Response | |||
| c | Current contingency plans in the event that subcontractor terminates services, is terminated, or is purchased. | Provide Response | |||
| 4 | Please provide the following information regarding your employees: | ||||
| a | Number of individuals employed by your company | Provide Response | |||
| b | Number of individuals dedicated to the defined contribution market | Provide Response | |||
| * 5 | Please identify your company’s ratings (A.M. Best, Fitch, Moody’s, and Standard & Poor’s) for each of the last five (5) years. If your company is not rated, please explain why and provide a copy of your company’s financial statements. In addition. | Refer to Tab 1.1 | |||
| a | Please explain any upgrades or downgrades to your credit ratings that have occurred in the past two (2) years. | Provide Response | |||
| b | Have you been placed on watch list or outlook by any of the rating agencies? If yes, please explain the reason. | Provide Response | |||
| B | Insurance | RESPONSE | ADDITIONAL RESPONSE | ||
| 1 | Does your company maintain E&O coverage for both home office personnel and on-site representatives? | Provide Response | |||
| 2 | Please provide the following information regarding your E&O, Cybersecurity, and Fidelity Bond insurance: | ||||
| a | Name of insurance company | Provide Response | |||
| b | Limits and deductibles | Provide Response | |||
| c | Any claims in the last 5-years | Provide Response | |||
| d | Notable exclusions | Provide Response | |||
| C | Litigation | RESPONSE | ADDITIONAL RESPONSE | ||
| 1 | Is your company currently involved in any unresolved litigation regarding your defined contributions services? Will this restrict, limit, or affect your ability to provide services to the County Commissioners of Charles County (“County”)? | Provide Response | |||
| 2 | Is there any current litigation or other pending actions of similar type against you or your agent(s) in which plaintiff seeks, or arguably might be entitled to, more than $1,000,000 in damages? If so, attach to your proposal an Opinion of Counsel briefly describing the litigation’s allegations, the defense to the litigation, and an opinion as to whether the outcome of the litigation could potentially impair your organization’s financial stability. | Provide Response | |||
| 3 | In the last five years, has your company failed or refused to complete a contract? If you answered “Yes”, please explain. | Provide Response | |||
| 4 | In the past five years, has your company had any of the following denied, revoked, or suspended: 1) a license to do business, 2) an agent/broker license, or 3) any other license? Will this restrict, limit, or affect your ability to provide services to the County? If you answered “Yes”, please explain. | Provide Response | |||
| 5 | Has your company ever been involved in any settlements regarding its compliance services for failure to calculate or providing inaccurate calculations on any compliance limits? Will this restrict, limit, or affect your ability to provide services to the County? If you answered “Yes”, please explain. | Provide Response | |||
| 6 | Has your company been cited by any state or federal regulators for violations of any laws or regulations? Will this restrict, limit, or affect your ability to provide services to the County? If you answered “Yes”, please explain. | Provide Response | |||
| 7 | Has your company been investigated by the Department of Labor within the past 5 years? Will this restrict, limit, or affect your ability to provide services to the County? If you answered “Yes”, please explain. | Provide Response | |||
| 8 | Has your firm ever been cited by the Securities and Exchange Commission for violations of the antifraud provision of the Securities and Exchange Act of 1933? If you answered “Yes”, please explain. | Provide Response | |||
| D | Experiences & References | RESPONSE | ADDITIONAL RESPONSE | ||
| 1 | What year did your company enter the 457(b) marketplace? | Provide Response | |||
| 2 | How many unique 457(b) recordkeeping clients has your company gained and lost each year during the past 5 years? Please do not include: current clients who have added new plans, any clients gained/lost due to mergers or acquisitions, or the purchase of TPAs. In a given year, if the number of clients lost exceeds the number of clients gained, please explain. | Refer to Tab 1.2 | |||
| 3 | As of 3/31/2025, what is your company’s (not parent or leased service company): | ||||
| a | Total retirement plans under administration | Provide Response | |||
| b | Total retirement plan assets under administration | Provide Response | |||
| c | Total defined contribution assets under administration | Provide Response | |||
| d | Total retirement plan participants under administration | Provide Response | |||
| 4 | As of 6/30/2025, what is your company’s (not parent or leased service company): | ||||
| a | Total 457(b) plans under administration | Provide Response | |||
| b | Total 457(b) plans administered in Maryland | Provide Response | |||
| c | Total 457(b) assets under administration | Provide Response | |||
| d | Total 457(b) participants under administration | Provide Response | |||
| 5 | How many single vendor 457(b) plans does your firm administer? How many in Maryland? | Provide Response | |||
| 6 | Complete the following charts: | Refer to Tab 1.3 | |||
| 7 | How many unique 457(b) recordkeeping clients has your company gained and lost each year during the past 5 years? Please do not include: current clients who have added new plans, any clients gained/lost due to mergers or acquisitions, or the purchase of TPAs. In a given year, if the number of clients lost exceeds the number of clients gained, please explain. | Refer to Tab 1.4 | |||
| 8 | As of 6/30/2025, what is your company’s (not parent or leased service company): | ||||
| a | Total retirement plans under administration | Provide Response | |||
| b | Total retirement plan assets under administration | Provide Response | |||
| c | Total defined contribution assets under administration | Provide Response | |||
| d | Total retirement plan participants under administration | Provide Response | |||
| 9 | As of 6/30/2025, what is your company’s (not parent or leased service company): | ||||
| a | Total 457(b) plans under administration | Provide Response | |||
| b | Total 457(b) plans administered in Maryland | Provide Response | |||
| c | Total 457(b) assets under administration | Provide Response | |||
| d | Total 457(b) participants under administration | Provide Response | |||
| 10 | What is the average client relationship duration? | Provide Response | |||
| 11 | Please provide three (3) references for government plans which are currently utilizing your recordkeeping service and have similar demographics to the County in terms of expected cash flow, asset size, and participant count. For each reference, please provide the following: | ||||
| a | Entity Name | Provide Response | |||
| Contact name and title | Provide Response | ||||
| Telephone number and email address | Provide Response | ||||
| Plan type | Provide Response | ||||
| Number of Participants | Provide Response | ||||
| Length and dates of relationship | Provide Response | ||||
| b | Entity Name | Provide Response | |||
| Contact name and title | Provide Response | ||||
| Telephone number and email address | Provide Response | ||||
| Plan type | Provide Response | ||||
| Number of Participants | Provide Response | ||||
| Length and dates of relationship | Provide Response | ||||
| c | Entity Name | Provide Response | |||
| Contact name and title | Provide Response | ||||
| Telephone number and email address | Provide Response | ||||
| Plan type | Provide Response | ||||
| Number of Participants | Provide Response | ||||
| Length and dates of relationship | Provide Response | ||||
| 12 | Please provide three (3) past customer references that are government entities (no longer clients of your firm). For each reference, please provide the following: | ||||
| a | Entity Name | Provide Response | |||
| Contact name and title | Provide Response | ||||
| Telephone number and email address | Provide Response | ||||
| Plan type | Provide Response | ||||
| Number of Participants | Provide Response | ||||
| Length and dates of relationship | Provide Response | ||||
| Reason for termination of relationship | Provide Response | ||||
| b | Entity Name | Provide Response | |||
| Contact name and title | Provide Response | ||||
| Telephone number and email address | Provide Response | ||||
| Plan type | Provide Response | ||||
| Number of Participants | Provide Response | ||||
| Length and dates of relationship | Provide Response | ||||
| Reason for termination of relationship | Provide Response | ||||
| c | Entity Name | Provide Response | |||
| Contact name and title | Provide Response | ||||
| Telephone number and email address | Provide Response | ||||
| Plan type | Provide Response | ||||
| Number of Participants | Provide Response | ||||
| Length and dates of relationship | Provide Response | ||||
| Reason for termination of relationship | Provide Response |
1.1
| Charles County Government | ||||
| RFP #26-011 | ||||
| Deferred Compensation | ||||
| TF 1.1 Credit Ratings | ||||
| Credit Ratings | ||||
| Year | Rating Agency | |||
| A.M. Best | Fitch | Moody | S&P | |
| 2024 | ||||
| 2023 | ||||
| 2022 | ||||
| 2021 | ||||
| 2020 |
1.2
| Charles County Government | ||
| RFP #26-011 | ||
| Deferred Compensation | ||
| TF 1.2 457(b) Plans | ||
| 457(b) Plans | ||
| Year | Gained | Lost |
| 2024 | ||
| 2023 | ||
| 2022 | ||
| 2021 | ||
| 2020 |
1.3
| Charles County Government | |
| RFP #26-011 | |
| Deferred Compensation | |
| TF 1.3 Employees and Assets | |
| Amount of Employees | Number of 457(b) Plans |
| Up to 500 | |
| 500 – 1,000 | |
| 1,000 – 2,000 | |
| Over 2,000 | |
| Total | ERROR:#VALUE! |
| Number of Employees | Number of K-12 457(b) Plans |
| Up to 500 | |
| 500 – 1,000 | |
| 1,000 – 2,000 | |
| Over 2,000 | |
| Total | ERROR:#VALUE! |
| Amount of Assets | Number of 457(b) Plans |
| Up to $10 million | |
| $10M to $50M | |
| $50M to $100M | |
| $100M to $250M | |
| More than $250 Million | |
| Total | ERROR:#VALUE! |
| Amount of Assets | Number of K-12 457(b) Plans |
| Up to $10 million | |
| $10M to $50M | |
| $50M to $100M | |
| $100M to $250M | |
| More than $250 Million | |
| Total | ERROR:#VALUE! |
1.4
| Charles County Government | ||
| RFP #26-011 | ||
| Deferred Compensation | ||
| TF 1.4 457(b) Plans | ||
| 457(b) Plans | ||
| Year | Gained | Lost |
| 2024 | ||
| 2023 | ||
| 2022 | ||
| 2021 | ||
| 2020 |
1.5 References
| Charles County Government | |
| RFP #26-011 | |
| Deferred Compensation | |
| TF 1.5 References | |
| Offeror Name: | |
| References - DEFERRED COMPENSATION | |
| Provide four (3) current and three (3) former clients of similar size for whom you provide administration for the benefit plans you are quoting. Provide requested references of similar sized contracts serviced during the past five (5) years. | |
| Current Client References | |
| 1 | Entity name |
| a | Contact name and title |
| b | Contact Email Address |
| c | Contact Phone Number |
| d | Number of Years Since Implementation |
| e | Plan type (457(b), etc.) |
| f | Number of participants |
| g | Length and dates of relationship |
| 2 | Entity name |
| a | Contact name and title |
| b | Contact Email Address |
| c | Contact Phone Number |
| d | Number of Years Since Implementation |
| e | Plan type (457(b), etc.) |
| f | Number of participants |
| g | Length and dates of relationship |
| 3 | Entity name |
| a | Contact name and title |
| b | Contact Email Address |
| c | Contact Phone Number |
| d | Number of Years Since Implementation |
| e | Plan type (457(b), etc.) |
| f | Number of participants |
| g | Length and dates of relationship |
| Former Client References | |
| 1 | Entity name |
| a | Contact name and title |
| b | Contact Email Address |
| c | Contact Phone Number |
| d | Plan type (457(b), etc.) |
| e | Number of participants |
| f | Length and dates of relationship |
| g | Reason for termination of relationship |
| 2 | Entity name |
| a | Contact name and title |
| b | Contact Email Address |
| c | Contact Phone Number |
| d | Plan type (457(b), etc.) |
| e | Number of participants |
| f | Length and dates of relationship |
| g | Reason for termination of relationship |
| 3 | Entity name |
| a | Contact name and title |
| b | Contact Email Address |
| c | Contact Phone Number |
| d | Plan type (457(b), etc.) |
| e | Number of participants |
| f | Length and dates of relationship |
| g | Reason for termination of relationship |
TF 2.0 Recordkeeping and Admin
| Charles County Government | ||||
| RFP #26-011 | ||||
| Deferred Compensation | ||||
| TF 2.0 Recordkeeping and Admin | ||||
| QUESTION | ACTION | RESPONSE | ADDITIONAL RESPONSE | |
| A | Auditor Report | |||
| 1 | Please provide the following information regarding how your firm meets SSAE 18: | |||
| a | Date of the most recent independent quality control audit of your recordkeeping system; | Provide Response | ||
| b | Name of auditing company | Provide Response | ||
| c | Total number of all exceptions found | Provide Response | ||
| d | Frequency of audits performed | Provide Response | ||
| e | Please provide a copy of auditor’s most recent SOC 2 audit report and opinion letter. | Provide Response | ||
| 2 | If exceptions are noted in the auditor’s report, please list them along with the corrective steps which your company has taken (please do not refer to attachments). | Provide Response | ||
| B | Recordkeeping System | |||
| 1 | What is the formal name of your firms record keeping system? | Provide Response | ||
| 2 | Was the recordkeeping system developed internally, purchased, or leased from another provider? | Provide Response | ||
| 3 | How long have you been using the recordkeeping system? | Provide Response | ||
| 4 | If an outside vendor provides your recordkeeping system, please identify the outside vendor and describe the arrangement, including terms and guarantees. | Provide Response | ||
| 5 | In addition to the current recordkeeping system that your firm is proposing, how many other recordkeeping platforms does your firm currently have in place? | Provide Response | ||
| 6 | How often are updates and enhancements made to your recordkeeping system? | Provide Response | ||
| 7 | Who has the ultimate responsibility/authority to make sure the system remains current with laws, regulations, client needs, security patches, etc.? | Provide Response | ||
| 8 | How many participants have been maintained on the proposed recordkeeping system each year over the past 5 years (2024, 2023, 2022, 2021, 2020)? Please also provide the data as it relates to your participants under administration. | Provide Response | ||
| 9 | How many plans have been maintained on the proposed recordkeeping system each year over the past 5 years (2024, 2023, 2022, 2021, 2020)? If leased, please also provide the number as it relates to your plans under administration. | Provide Response | ||
| 10 | What percentage of your operating budget has your firm budgeted for a recordkeeping system in 2025? | Provide Response | ||
| 11 | What system enhancements does your firm have planned over the next three years for your core recordkeeping system and service technology? What major enhancements have been implemented to the record keeping system for the past three years? | Provide Response | ||
| 12 | Does your firm or your recordkeeping partner have full control of its recordkeeping system, or is reliant on others? | Provide Response | ||
| 13 | What makes your record keeping system and technology unique compared to your competitors? | Provide Response | ||
| 14 | In the next few years, how will the plan sponsor and participant experience change based on your firm’s planned technological changes? Please describe the specific enhancements. | Provide Response | ||
| 15 | Does your system update with batch processing or real-time functionality? | Provide Response | ||
| 16 | Describe your underlying system. Is it a mainframe-based, server, or a cloud-based system? | Provide Response | ||
| 17 | If you utilize a cloud service (AWS, Microsoft Azure, Coogle Cloud, etc), will you be willing to complete Charles County Government’s Cloud Vendor Cybersecurity Questionnaire on an annual basis? | Provide Response | ||
| 18 | Provide a description of your firm’s data security systems and how you manage attempted breaches. | Provide Response | ||
| 19 | Describe your disaster recovery and business continuity plans. When was the last full-scale test? | Provide Response | ||
| 20 | Describe your maintenance and backup procedures, including how frequently backups are performed, backup data retention timetable, and backup storage procedures. How long is historical information retained on the system? Does your firm store data off-line? If yes, where? When is it moved? | Provide Response | ||
| 21 | Where are your redundancy centers located? Are they Tier III or Tier IV? | Provide Response | ||
| 22 | How long does it take to switch over to the redundancy center? | Provide Response | ||
| 23 | How often does your firm test your redundancy centers and are they tested for full fail? When was the last test? | Provide Response | ||
| C | Cybersecurity | |||
| 1 | Does your firm and all related companies have a privacy and security policy? | Provide Response | ||
| 2 | Is there a cyber security guarantee? If so, please describe it in detail. | Provide Response | ||
| 3 | Does your firm own its data security center? | Provide Response | ||
| 4 | How is participant data protected in transit and at rest? | Provide Response | ||
| 5 | Have your security protocols ever been compromised? If yes, how so and what have you done to address this? | Provide Response | ||
| 6 | Has your company had a data security breach where you needed to notify affected individuals or clients of loss of their personal identifiable information (PII)? | Provide Response | ||
| 7 | Have your security protocols failed within the past 5 years? If so, please list the date and describe the security compromise. | Provide Response | ||
| 8 | Are independent assessments made of your cybersecurity systems and processes? | Provide Response | ||
| 9 | What is your process for identifying cybersecurity threats, vulnerabilities, and potential business consequences conducted on all electronic platforms that would be accessed by plan participants? | Provide Response | ||
| 10 | Are all personnel who come in contact with personal identifiable information trained on adequate protection of the information? How is this assessed and measured? | Provide Response | ||
| 11 | Does your online account sign-in offer dual-factor authentication (DFA), as a security process? | Provide Response | ||
| D | Internal Revenue Code Compliance | |||
| 1 | Are there controls in place to ensure the maximum catch-up limits are not exceeded? If yes, please describe. | Provide Response | ||
| 2 | Have these controls ever been unsuccessful? If yes, please explain. | Provide Response | ||
| 3 | Will your firm track the cumulative catch-up contributions? | Provide Response | ||
| 4 | Will your firm automatically provide the County with a list of participants utilizing the catch-up provision? | Provide Response | ||
| 5 | Does your firm routinely review plans for compliance with recently issued regulations or laws? If yes, will your firm provide guidance for changes to the County? Are there any fees associated with this service? | Provide Response | ||
| E | Processing | |||
| 1 | What methods are available to transmit payroll data to your organization? What are your minimum data format requirements? Will your firm accommodate data in hard copy? | Provide Response | ||
| 2 | Please describe the methodology of the flow of data to and from (inbound and outbound) the County for updates to contribution changes, eligible employees, etc. How long does it take to update? Please provide a flow chart. | Provide Response | ||
| 3 | Will your firm integrate with the in-house system via the Tyler Munis Financial Software payroll system? | Provide Response | ||
| 4 | Will your firm handle participant contributions set as either flat dollar amount per pay or percentage of salary. Identify any limitations or requirements associated with either. Are there any known limitations with common payroll providers? | Provide Response | ||
| 5 | Will your firm provide “paperless processing” for the following transactions. If you cannot provide paperless processing, please describe your preferred means. | Provide Response | ||
| a | Enrollments | Provide Response | ||
| b | Contribution rate changes | Provide Response | ||
| c | Hardship withdrawals | Provide Response | ||
| d | Loans | Provide Response | ||
| e | Distributions | Provide Response | ||
| f | Investment Allocation changes | Provide Response | ||
| 6 | Describe all controls taken to ensure the timeliness of recordkeeping, that each participant’s account complies with all provisions of the plans and applicable laws and regulations, and that all forms and authorizations are complete and on file. | Provide Response | ||
| 7 | Describe your standards for performance in participant service. Assume all data, wires, or other requests are received in reasonably good condition and before your cutoff time for the day, and that any required employer approvals have been received. | Provide Response | ||
| 8 | Can the participant contact your firm directly to make deferral changes? If so, how is this information transmitted back to the County? | Provide Response | ||
| 9 | Describe in detail, including time, how your system processes: | Provide Response | ||
| a | Lump-sum distributions | Provide Response | ||
| b | Systematic payments/installments | Provide Response | ||
| c | Annuities | Provide Response | ||
| d | Rollers to or from another plan or IRA | Provide Response | ||
| e | Rollovers from DROP plan | Provide Response | ||
| f | Required minimum distributions | Provide Response | ||
| 10 | Describe in detail how your system handles Federal and State tax reporting (e.g., Form 1099-R for 457(b) plans). Does your firm provide tax form preparation and filing? Are these forms available electronically? | Provide Response | ||
| F | Domestic Relations Order (DRO) Feature | Label each attachment with the corresponding letter and file description | ||
| 1 | Will your firm qualify DROs? If not, who is responsible for this function? | Provide Response | ||
| 2 | Will your firm approve DROs? If not, who is responsible for this function? | Provide Response | ||
| 3 | Will your firm process DROs? If not, who is responsible for this function? | Provide Response | ||
| G | Loans | Label each attachment with the corresponding letter and file description | ||
| 1 | Describe how your system handles participant loans including the methods used for repayment, and materials available to participants that explain loan provisions? | Provide Response | ||
| 2 | How will your firm handle existing loans with legacy providers? | Provide Response | ||
| 3 | Will your firm approve loan requests? | Provide Response | ||
| 4 | Will your firm process a loan? | Provide Response | ||
| 5 | Describe the flexibility in your loan repayment processing including procedures for paying off an outstanding loan, how the money is handled, routine communications with the participant or plan sponsor, and processing the payoff within the recordkeeping system. | Provide Response | ||
| 6 | How does your firm handle delinquent and/or defaulted loans, including plan and participant notification? | Provide Response | ||
| 7 | What responsibility does the County retain for initial and ongoing loan servicing? | Provide Response | ||
| 8 | How are outstanding loans for both active and terminated employees handled? | Provide Response | ||
| 9 | Will your firm provide a copy of the loan amortization schedule to the County? | Provide Response | ||
| 10 | Describe how interest rates are set. Who is responsible for updating the loan interest rate applicable for new loans? | Provide Response | ||
| H | Legal | Label each attachment with the corresponding letter and file description | ||
| 1 | Does your firm provide written updates to clients on legislative changes? If yes, how frequently? Provide a recent sample. | Provide Response | ||
| 2 | Will your firm offer a prototype plan document? How will your firm transition the County’s current plan document to this new prototype plan document? | Provide Response | ||
| 3 | Please specify whether your firm or a third party will be assisting the County with managing the plan document. | Provide Response | ||
| 4 | Will your firm provide ongoing legal amendments? | Provide Response | ||
| 5 | Describe how your firm intends to support the County with the implementation of SECURE 2.0 Act provisions. | Provide Response |
TF 3.0 Interactive Participant
| Charles County Government | ||||
| RFP #26-011 | ||||
| Deferred Compensation | ||||
| TF 3.0 Interactive Participant | ||||
| QUESTION | ACTION | RESPONSE | ADDITIONAL RESPONSE | |
| A | Voice Responsive Unit (VRU) | |||
| 1 | Does your firm offer voice response services? | Provide Response | ||
| 2 | Is voice system key entry only or does it have natural voice recognition capabilities? | Provide Response | ||
| 3 | Describe the services available through your VRU. | Provide Response | ||
| 4 | Describe how data is secured within the system (i.e., PIN, audit trail, confirmations). | Provide Response | ||
| 5 | Describe the level of customization available within your VRU, and whether the County can broadcast special messages | Provide Response | ||
| 6 | What transactions cannot be performed through VRU? | Provide Response | ||
| 7 | Can a participant elect to move from the VRU to a service representative? | Provide Response | ||
| 8 | How often is the data on the VRU updated? | Provide Response | ||
| B | Administration Call Center | |||
| 1 | Does your organization offer live administrative support? | Provide Response | ||
| 2 | Where is your call center located? | Provide Response | ||
| 3 | How many call center representatives are currently employed? | Provide Response | ||
| 4 | What are the days and hours of availability for telephone account service representatives? | Provide Response | ||
| 5 | Please provide the following information regarding your call center for each of the past five (5) years: | |||
| a | Number of calls | Provide Response | ||
| b | Average response time in seconds | Provide Response | ||
| c | What are your service goals? (e.g. 75% of calls were answered within 30 seconds) | Provide Response | ||
| d | Average length of call | Provide Response | ||
| e | Percentage of calls requiring follow-up | Provide Response | ||
| f | Quality standards for call abandonment rate | Provide Response | ||
| g | Actual call abandonment rate | Provide Response | ||
| h | The percentage of incoming calls totally handled via VRU versus toll-free live service center representative. | Provide Response | ||
| i | Percentage of service requests handled via website versus call center and VRU. | Provide Response | ||
| 6 | How are participant calls logged and tracked and who has access to that information? Describe the steps taken to monitor and manage call volumes. | Provide Response | ||
| 7 | What are your case management procedures for calls that have service issues? | Provide Response | ||
| 8 | Does your firm offer phone services to Spanish speaking participants? Are additional languages available? If yes, please identify the additional available languages. | Provide Response | ||
| 9 | Does your firm offer phone services to hearing-impaired participants? If not, how do these participants communicate with your administration call center? | Provide Response | ||
| 10 | Will your firm provide any dedicated representative(s) for the County? If not, please explain how the County participants will be handled. | Provide Response | ||
| 11 | Does your firm monitor/record all calls to the Administrative Call Center? | Provide Response | ||
| 12 | Does your firm monitor for quality call assurance? Will your firm site a specific example? | Provide Response | ||
| 13 | Please describe security measures used in the Administrative Call Center to ensure caller identity. | Provide Response | ||
| C | Website Capabilities | |||
| 1 | Please provide demo links and passwords to both the plan sponsor and participant websites. | Provide Response | ||
| 2 | Describe the account services and transactions available on the participant website. Can the following transactions be processed on your website? (Yes or No) | Provide Response | ||
| a | Confirmation Reports | Provide Response | ||
| b | PIN resets | Provide Response | ||
| c | Request prospectus | Provide Response | ||
| d | Auto-rebalancing | Provide Response | ||
| e | Transaction history data | Provide Response | ||
| f | Deliver statements by email (e-delivery) | Provide Response | ||
| g | Online enrollment for new participants | Provide Response | ||
| h | Balance inquiries | Provide Response | ||
| i | Contribution changes | Provide Response | ||
| j | Beneficiary changes | Provide Response | ||
| k | Dollar cost averaging | Provide Response | ||
| 3 | Are there any transactions that cannot be processed through your website? | Provide Response | ||
| 4 | If a participant elects to move from the website to a call center representative, describe the interface between the website and the representative. | Provide Response | ||
| 5 | Is all data on the website real-time? Is it also real-time with the recordkeeping system? | Provide Response | ||
| 6 | Please describe your company’s rebalancing capabilities. How often can participants rebalance their accounts (e.g., daily, quarterly, semi-annually, or annually)? If the plan changes investment options, will participants need to re-select the option to rebalance? | Provide Response | ||
| 7 | Will your firm bring in outside sources of income? (e.g., Social Security and IRAs) Does your firm have the ability to aggregate and display this data on the participant website? | Provide Response | ||
| 8 | How will your firm integrate the benefit from the Virginia Retirement System into any forecasts for retirement readiness? | Provide Response | ||
| 9 | Does your firm provide participants with the ability to calculate the after-tax impact of different deduction sizes on their take-home pay? | Provide Response | ||
| 10 | Does your firm provide a required minimum distribution (RMD) calculator? | Provide Response | ||
| 11 | Is your website fully functional even if a participant does not enroll in the proposed managed account program? | Provide Response | ||
| 12 | Does your firm offer live chat/text messaging service? | Provide Response | ||
| D | Participant Statements | |||
| 1 | Please provide a sample participant statement. | Provide Response | ||
| 2 | Are participant statements defaulted to electronic delivery? If so, can participants choose to have statements mailed to them, and are there additional costs for this service? | Provide Response | ||
| 3 | Please disclose the physical location where participant statements are generated and mailed from. | Provide Response | ||
| 4 | Are participant statements available on the website? | Provide Response | ||
| 5 | Are beneficiaries shown on participant statements? | Provide Response | ||
| 6 | How many days after the end of the quarter are participant statements: | Provide Response | ||
| i | Sent by mail | Provide Response | ||
| ii | Available on website | Provide Response | ||
| 7 | What personalized rate-of-return time periods are reflected in participant statements? Please specify the time periods for both paper and digital statements. | Provide Response | ||
| E | Plan Health | |||
| 1 | Does your firm offer a plan sponsor report card measuring the success of the plan? | Provide Response | ||
| 2 | Does your firm provide an overall plan health score? Describe the methodology. | Provide Response | ||
| 3 | What are the key benchmarks in the plan sponsor report card? Please provide examples. | Provide Response | ||
| 4 | In your opinion, what are the questions that the County need to be asking to determine if their plan is successful? | Provide Response | ||
| 5 | Will your firm help forecast potential retirement outcomes and retirement income shortfalls? What type of modeling is available? How is this presented to participants? Is the aggregate shortfall data available to the County? | Provide Response | ||
| 6 | What modeling is available to participants to show them different return scenarios. | Provide Response | ||
| 7 | What interactive tools will your firm provide to ensure a participant is on the right track to have sufficient income replacement in retirement? Please describe and provide a snapshot of the dashboard. | Provide Response | ||
| 8 | What steps will your firm take to drive improved participant outcomes? | Provide Response | ||
| 9 | Which elements in your plan health assessment use actual data or use assumptions? | Provide Response | ||
| 10 | Does your firm use actual participant investments or a stated rate of return in your models? | Provide Response | ||
| 11 | Will your firm analyze “retirement readiness” in different age groups? | Provide Response | ||
| 12 | How many targeted participant communications (touch points) are available? | Provide Response | ||
| 13 | Please describe the plan health report at the Plan Sponsor level. | Provide Response | ||
| 14 | Will your firm provide data and a graphical illustration of each participant’s equity allocation relative to their age? | Provide Response |
TF 4.0 Communications
| Charles County Government | ||||
| RFP #26-011 | ||||
| Deferred Compensation | ||||
| TF 4.0 Communications | ||||
| QUESTION | ACTION | RESPONSE | ADDITIONAL RESPONSE | |
| A | Case Management | |||
| 1 | Please identify the external case manager(s) (relationship managers) who will be assigned to work with Charles County’s staff. Please include their location (city and state) and bio(s) with related experience, including number of years employed with your company. | Provide Response | ||
| 2 | To whom do the external case manager(s) report? How often will the external case manager(s) meet with their supervisor to review Charles County’s plan? Please include the supervisor’s bio with related experience, including the number of years employed with your company. | Provide Response | ||
| 3 | Please identify the internal case manager who will be assigned to work with Charles County staff. Please include their bio with related experience, including the number of years employed with your company. | Provide Response | ||
| 4 | What criteria did your firm use to determine that these individuals would serve as lead for Charles County? | Provide Response | ||
| 5 | How many years of case manager experience do each of the proposed case managers have? | Provide Response | ||
| 6 | Please state the total number of cases, regardless of location or size, which are currently assigned to each of the proposed case managers? | Provide Response | ||
| 7 | Within the past 5 years, have there been any written complaints filed against any of the proposed case managers? If yes, please describe. | Provide Response | ||
| 8 | Please state whether case managers are salaried or commission-based employees. | Provide Response | ||
| 9 | Please describe the compensation and incentive packages for the case manager. | Provide Response | ||
| 10 | Is the proposed case manager eligible to receive a bonus? Under what conditions? | Provide Response | ||
| 11 | If the proposed case manager will be salary based for this assignment, are they assigned to any other cases where they are compensated on a commission basis? If yes, how many of these cases are assigned on a commission basis? | Provide Response | ||
| 12 | How many cases are jointly shared between the proposed internal and external case managers? If applicable, how many years have they been working together? | Provide Response | ||
| 13 | How often would your firm be willing to meet with Charles County to review the Plan Summary Reports? | Provide Response | ||
| 14 | Please provide a sample Plan Summary Report. | Provide Response | ||
| B | On-Site Representatives | |||
| 1 | Please list all on-site representatives who will be assigned to work with Charles County participants. Please include their location (city and state) and bios with related experience, including number of years employed with your company, number of years of on-site experience, and designations and/or licenses held. | Provide Response | ||
| 2 | How did your firm determine that the individual(s) would be the most appropriate representative for Charles County? | Provide Response | ||
| 3 | Is the proposed on-site representative a W-2 employee or an independent contractor? If your firm is using an independent representative, will they work exclusively with your firm for Charles County? | Provide Response | ||
| a | If your firm is using an independent representative, will they work exclusively with your firm for the County? | Provide Response | ||
| 4 | Please provide the name and biography of all proposed backup representatives. | Provide Response | ||
| 5 | If your firm is utilizing independent contractors, what controls, if any, does your firm have over their business activity at the County including preventing non-sanctioned products from being solicited? How often is this reviewed and monitored? Please describe the monitoring process. | Provide Response | ||
| 6 | Please describe your annual training programs including for the upcoming 12-months. | Provide Response | ||
| 7 | State if the proposed representative(s) can give guidance or if they can give: | Provide Response | ||
| a | Guidance only | Provide Response | ||
| b | Guidance and advice | Provide Response | ||
| 8 | Please state the total number of cases, regardless of location or size, which are currently assigned to each of the proposed on-site representatives? | Provide Response | ||
| 9 | Within the past 5 years, have there been any written complaints filed against any of the proposed on-site representatives? If yes, please describe. | Provide Response | ||
| 10 | How often do the on-site representative and the external case manager meet to discuss the strategy for communicating the plans to participants? | Provide Response | ||
| 11 | How many cases are assigned jointly to the proposed external case manager and the proposed on-site representative? What is the date that they began working together? | Provide Response | ||
| 12 | What has your company’s annual historical turnover of on-site representatives? | Provide Response | ||
| 13 | Will your firm provide any guarantees as to how long the on-site representative will be assigned to Charles County? | Provide Response | ||
| 14 | Will your firm allow Charles County to select the on-site representative? | Provide Response | ||
| 15 | Does your firm permit your representatives to solicit non-sanctioned products? How does your company ensure that non-sanctioned products are not sold? | Provide Response | ||
| 16 | Please state whether on-site representatives are salaried or commission-based employees, and the compensation structure. | Provide Response | ||
| 17 | If the proposed on-site representatives are salary based, are they assigned to any other cases where they are compensated on a commission basis? If yes, how many cases are assigned on a commission basis? | Provide Response | ||
| 18 | Identify the percentage of compensation that is variable based upon performance. | Provide Response | ||
| 19 | What does the on-site representative believe has been the most effective strategy or tool to increase participation and salary deferrals? | Provide Response | ||
| 20 | If your firm is not providing the identity of the on-site representative at this time, at what point in the process will this be determined? | Provide Response | ||
| C | Financial Planning Services | |||
| 1 | Please describe the additional financial planning services that your firm can provide. | Provide Response | ||
| 2 | Does your firm, or an outside firm, be providing these services? | Provide Response | ||
| 3 | Will this firm be able to provide guidance or advice? | Provide Response | ||
| 4 | Is there an additional cost for these services? | Provide Response | ||
| 5 | Will all participants have access to these services? | Provide Response | ||
| 6 | Who is the ideal candidate to utilize these services? | Provide Response | ||
| 7 | Does this include access to a Certified Financial Planner? | Provide Response | ||
| 8 | Do your employees proactively contact current participants about this service? If so, please describe this outreach. | Provide Response | ||
| 9 | Would your firm solicit rollovers from the County to this program? If so, please describe how participants are contacted. | Provide Response | ||
| 10 | Will your firm maintain beneficiary records and files? What is the operational procedure concerning these beneficiary files? Will your firm audit the files annually? | Provide Response | ||
| 11 | If a participant does not designate a beneficiary, what proactive measures will your firm take to address this situation?" | Provide Response | ||
| D | Ongoing Communications | |||
| 1 | Please confirm that your firm will provide the number of on-site days requested in the Request for Proposal. | Provide Response | ||
| 2 | Will your firm provide additional days of on-site meetings if the County] desires them? If yes, what is the cost for each additional meeting? | Provide Response | ||
| 3 | Will your firm company provide both group seminars and individual meetings to Charles County participants? | Provide Response | ||
| 4 | Will your firm provide night/evening hours for on-site support? | Provide Response | ||
| 5 | Do you use generative artificial intelligence (GenAI) tools to provide content for customer inquiries (i.e. summaries, analysis, explanations)? | Provide Response | ||
| 6 | Will customers/users be notified that Gen AI was used to produce those inquiry results? | Provide Response | ||
| 7 | Can you provide the process used to eliminate bias and false reporting in GenAI systems use for customer interaction. | Provide Response | ||
| 8 | How does your firm communicate with the plan sponsor to set up ongoing group seminars and individual meetings? | Provide Response | ||
| 9 | Are participants able to schedule these meetings online? | Provide Response | ||
| 10 | Will your firm attend the County’ new employee orientations as part of its communication strategy? Is this included in your proposed number of communication days? | Provide Response | ||
| 11 | Describe the process you use to help plan sponsors measure the effectiveness of employee education efforts. | Provide Response | ||
| 12 | Does your firm provide targeted communications to certain employee groups or demographics? | Provide Response | ||
| 13 | Does your firm provide communication and education material in a foreign language? If so, what language(s) and what material? | Provide Response | ||
| 14 | Does your firm provide participant outreach to assist participants in updating their beneficiaries? If so, please explain. | Provide Response | ||
| 15 | What behavioral finance insights does your company use to increase participation or expand participation to non-participants? | Provide Response | ||
| 16 | What types of communication materials will your firm provide for retirees? | Provide Response | ||
| E | Implementation | |||
| 1 | If your firm is selected, how soon can the new program be implemented once your firm has been notified of the award? | Provide Response | ||
| 2 | How does your firm communicate with the plan sponsor to set up initial enrollment meetings? | Provide Response | ||
| 3 | How many representatives will be available during the initial enrollment process? | Provide Response | ||
| 4 | Provide a draft implementation plan including appropriate milestone deliverables and dates. | Provide Response | ||
| 5 | How frequently does your firm anticipate meeting/conferencing with the plan sponsor during the implementation? | Provide Response | ||
| 6 | Will your firm provide any reimbursement to participants who may incur a surrender charge if they transfer their monies from a legacy provider to the new programs? If so, please describe that surrender charge schedule. | Provide Response | ||
| 7 | Please identify the individuals who will be assigned to this implementation, the number of years of experience applicable to each, and their respective biographies. | Provide Response | ||
| 8 | What are the various stages of proofing communication materials before they are sent to participants? | Provide Response | ||
| 9 | Describe the process used to ensure that implementation is successful and that key milestones are achieved. | Provide Response | ||
| 10 | Will your firm guarantee your stated implementation time frame and adjust fees if the original dates agreed upon are not met? What type of fee adjustment will your firm make? | Provide Response | ||
| 11 | What administrative activities will remain a responsibility of the plan sponsor after implementation is completed? | Provide Response | ||
| 12 | How will your firm assist and support Charles County with the administration and oversight of any legacy providers? Does your firm have internal resources or use an external Third-Party Administrator? | Provide Response | ||
| F | Webinars | |||
| 1 | Please describe your ability to conduct webinars to communicate important aspects of the plan. | Provide Response | ||
| 2 | What makes your webinars unique compared to your competitors? | Provide Response |
TF 5.0 Custodial Services
| Charles County Government | ||||
| RFP #26-011 | ||||
| Deferred Compensation | ||||
| TF 5.0 Custodial Services | ||||
| QUESTION | ACTION | RESPONSE | ADDITIONAL RESPONSE | |
| A | Custodial Services | |||
| 1 | Will your firm provide custodial services in-house or use an independent third party? Identify the asset level currently in custody with the proposed custodian/trustee. | Provide Response | ||
| 2 | How many years have custodial services been provided to defined contribution plans? | Provide Response | ||
| 3 | What type of insurance coverage will the custodian provide? | Provide Response | ||
| 4 | What is your turn-around time on check issuance? | Provide Response | ||
| 5 | What other forms of payments does your firm accommodate? | Provide Response | ||
| 6 | Is your trust accounting system integrated with your firm’s recordkeeping system? | Provide Response |
TF 6.0 Investment Platform
| Charles County Government | ||||
| RFP #26-011 | ||||
| Deferred Compensation | ||||
| TF 6.0 Investment Platform | ||||
| QUESTION | ACTION | RESPONSE | ADDITIONAL RESPONSE | |
| A | Mutual Fund Capabilities | |||
| 1 | Please identify the total number of families which will be made available to the County. | Provide Response | ||
| 2 | Please identify the total number of funds which will be made available to the County. If possible, do not include multiple share classes of the same fund. | Provide Response | ||
| 3 | Will your firm require that the County utilize any of your proprietary funds? If so, what percentage of funds must be your proprietary funds? | Provide Response | ||
| 4 | Please provide a sample announcement letter regarding a fund option change. | Provide Response | ||
| 5 | How many annual “fund actions” are allowed annually in the contract? | Provide Response | ||
| 6 | Will your system provide fee levelization so that the County can access the lowest net cost share class on your platform? | Provide Response | ||
| B | Managed Account Services |
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