8-RFP260119 Deferred Compensation Plan Services.pdf

Louisville Jefferson County Metro Government

Human Resources

Deferred Compensation Plan Services

REQUEST FOR PROPOSAL

RFP #260119

Milestone Dates:

Bid Release: Tuesday, November 18, 2025 Question-and-Answer Period on BonFire, through Monday, November 24, 2025 at 3 P.M.

Responses Due: Tuesday, December 9, 2025 at 3 P.M.

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REQUEST FOR PROPOSAL

TABLE OF CONTENTS

1. Instructions to Proposers

2. Specifications

3. Evaluation Criteria

4. General Provisions

5. Hold Harmless Agreement and Indemnification Clause and Insurance Requirements

6. Human Relations Commission Required Documentation

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SECTION 1

INSTRUCTIONS TO PROPOSERS

1.1. Introduction

The Louisville/Jefferson County Metro Government (“Metro Government”) is now accepting Proposals for Deferred Compensation Plan Services.

The process of accepting Proposals and choosing the successful proposer shall be by sealed Requests for Proposals (“RFP’s”) using the competitive negotiation process under KRS 45A.370. The Metro Government, if it chooses to award a contract based on this Proposal, shall do so on the basis of the Proposal which is most advantageous to it based upon the Evaluation Criteria set forth herein.

(KRS 45A.370(5)).

The Metro Government finds that a purchase through competitive negotiation is necessary because specifications cannot be made sufficiently specific to permit an award on the basis of either the lowest bid price or the lowest evaluated bid price.

The Metro Government shall conduct written or oral discussions with all responsible proposers who submit Proposals determined in writing to be reasonably susceptible of being selected for award, except as otherwise provided by law. Where the Metro Government can clearly demonstrate and document from the existence of adequate competition or accurate prior cost experience with the particular supply, service or construction item, the Metro Government may make an award on the basis of the original submitted Proposals.

1.2. Considerations Prior to Submitting a Proposal

1.2.1. Revenue Commission

If you are a Metro Government vendor or you are doing business in Metro Louisville, you should already be registered with the Revenue Commission and have all of your required taxes paid. If you become the successful Proposer, you must be properly registered with the Revenue Commission and have all of your required taxes paid prior to the award of a contract.

You must provide your Revenue Commission Number on the Proposer Information and Proposal Signature Document, unless you do not yet have one.

Contact the Louisville Metro Revenue Commission at (502) 574-4860 for information related to obtaining an account number or verifying current compliance.

1.2.2. Human Relations Commission

There are two affirmative action requirements which apply to Metro Government Contracts: a) Affirmative Action in Employment and b) Affirmative Action in the subcontracting of Minority, Female and Handicapped-owned businesses.

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1.2.2.1. Affirmative Action in Employment

1.2.2.1.1. The Louisville Metro Human Relations Commission (“HRC”) is required determine whether contractors’ employment policies assure employment opportunities are available to all citizens without regard to race, color, religion, national origin, marital status, handicap, sex, sexual orientation or gender identity, or age.

1.2.2.1.2. To make this determination, the HRC will make an inquiry of the successful Proposer pursuant to Louisville Metro Ordinances Section 37.27.

1.2.2.1.3. If you are contacted by Purchasing Division staff notifying of award, and you have not already been “HRC Prequalified”, you will need to contact the HRC at 502-574-3631 for information and assistance on procedures to follow in becoming approved and qualified.

1.2.2.1.4. Proposer acknowledges that the resulting Agreement from this RFP is subject to Louisville/Jefferson County Metro Government Ordinances §37.25-§37.36 and failure to comply with the terms of those Ordinances will be cause for suspension, termination or cancellation of a contract executed hereunder, or rejection of Proposer’s Proposal.

1.2.2.2. Affirmative Action in Subcontracting

1.2.2.2.1. Generally, either a Proposer will use subcontractors or it will do all the work itself.

1.2.2.2.2. If Not Using Subcontractors, you must complete and sign Form GFE-1, which is included with this Proposal in the HRC’s “Good Faith Efforts Requirements” document, to indicate work will be self-performed.

1.2.2.2.3. Failure to include a completed Form GFE-1 with your proposal will cause the proposal to be rejected and deemed nonresponsive.

1.2.2.2.4. If Using Subcontractors, you must follow the instructions and complete the forms in the “Good Faith Efforts Requirements” document included with this Proposal. This includes but is not limited to making the required good faith effort, as that term is defined in the document.

1.2.3. LMCO Louisville Metro Codified Ordinance Policy Certifications LMCO 112.30

1.2.3.1. Per LMCO 112.30(D):

1.2.3.1.1. Vendors who apply for business with Louisville Metro must follow the practice that initial vendor employment applications not contain a "box" or a question of inquiry on the initial application regarding an applicant's prior criminal history and applicants shall not be required to check or otherwise fill in a "box" or respond to an inquiry regarding an applicant's prior criminal history on the vendor's initial employment application, unless as otherwise provided by or required by state and federal law.

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1.2.3.1.2. Failure to adhere to this requirement shall cause your submission not to be considered for award. Louisville Metro shall retain at all times the authority to deny, rescind, revoke, terminate or not renew a contract with a vendor for failing to comply with the standards established by LMCO 112.30.

1.2.4. Requirements Regarding Sexual Assault and Sexual Harassment in the workplace, per

LMCO 39.220-224:

1.2.4.1. Per LMCO 39.222: An Organization executing a contract valued at $50K or more (“Covered Entities" shall not execute any settlement agreement concerning workplace sexual assault, sexual harassment, failure to prevent same or which concern claims of retaliation against a person reporting such matters if such an agreement prevents or restricts the disclosure of factual information related to such claims filed in a civil action or a complaint filed in an administrative action.

1.2.4.2. Reporting Requirements. Per LMCO 39.221: Each covered entity shall annually report to Louisville Metro internal complaints of workplace sexual harassment and sexual assault by employees who reside or work in Louisville/Jefferson County. The report shall be submitted to the Office of Equity.

1.2.4.3. Nondisclosure Agreements. Per LMCO 39.223: No covered entity shall, in exchange for a raise or bonus, or as a condition of employment or continued employment, require an employee to sign any agreement that prohibits the disclosure of information about unlawful acts in the workplace. “Information about unlawful acts in the workplace" includes, but is not limited to, information pertaining to harassment or discrimination or any other conduct that the employee has reasonable cause to believe is unlawful.

1.3. Preferences

1.3.1. Minimum Wage Preference

1.3.1.1. Per Louisville Metro Ordinance Chapter §37.56, preferences shall be given to businesses, which provide their employees a minimum wage equal to or exceeding the minimum wage set forth in §37.55 ("minimum wage business") which is currently $10.10/hour. This minimum wage rate is the rate set by Louisville Metro Council for all full-time Louisville Metro employees.

1.3.1.2. If a business provides its employees at least $10.10/hour, regardless of location or position, the offer price in the Proposal shall be reduced by 5% for the purpose of determining which offer is most advantageous to Metro Government.

1.3.1.3. If this Proposal is for services, and the business intends to use subcontractors to perform all or part of the work required under the contract, the business shall not subcontract more than 20% of the work to non-minimum wage businesses unless such services are not available from minimum wage businesses.

1.3.1.4. If a business receives the Minimum Wage Preference and is awarded a contract under this Proposal, then it must post a sign of the $10.10 minimum wage rate in a conspicuous place and manner so as to inform employees and the public of your minimum wage policy.

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1.3.1.5. If you certify your business as a minimum wage business, are subsequently awarded a contract, and the Metro Government discovers you do not pay your employees at least $10.10 per hour, your business will be liable to the Metro Government for 30% of the amount of the contract awarded.

1.3.1.6. You must complete the Minimum Wage Preference Certification on the Proposer Information and Signature Page included in this Proposal.

1.3.2. Local Vendor Preference

The Metro Government gives Proposals submitted by local vendors a preference.

1.3.2.1. To qualify as a local vendor, a company must:

1.3.2.1.1. Be established in the Louisville Metropolitan Statistical Area (“MSA”), as defined by the United States Census Bureau for twelve (12) consecutive months.

1.3.2.1.2. Possess a current Louisville Revenue Commission account number.

1.3.2.1.3. Have its headquarters located in the Louisville MSA or have a branch office currently located in the Louisville MSA for at least twelve (12) consecutive months prior to the broadcast date of this Request for Proposal.

1.3.2.1.4. Determine whether the City or County within the Louisville MSA in which your business is located has the required reciprocal ordinance which recognizes business located within the Louisville MSA as local businesses for the purpose of a procurement preference. If that City or County does have such an ordinance, you must include a copy of that document in your response to this

RFP.

1.3.2.1.5. Utilize local businesses to furnish at least 75% of the services under a contract awarded hereunder unless such services are not available locally.

1.3.2.2. If the Metro Government determines your business is a local business, based on the standards described here, then your business shall receive a 5% reduction of the total amount you propose or 5 points added to your evaluated Proposal total, depending on the type of proposal evaluation process the Metro Government has decided to use.

1.3.2.3. If the Metro Government concludes your business is a local business for the purposes of this Proposal, and that determination is based on false information, the Proposer shall be subject to a fine equal to 25% of the price quoted in this Proposal.

1.3.2.4. Any petition challenging the designation or award of local vendor preference shall follow the procedures set forth in LMCO §37.03.

1.3.3. Kentucky Statutory Preferences

The Commonwealth of Kentucky requires the Metro Government to apply certain purchasing preferences as set forth in Kentucky Revised Statutes (“KRS”) Sections 45A.470, 45A.490, 492 and 494.

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1. Kentucky Correctional Industries: Products made by the Department of Corrections, Division of Prison Industries, shall receive a preference equal to twenty (20) percent of the maximum points awarded to a bidder in a solicitation. (KRS 45A.470, 200 KAR 5:410)

2. Qualified bidder status: Kentucky Industries for the Blind, Incorporated, any nonprofit corporation that furthers the purposes of KRS Chapter 163, or a qualified nonprofit agency for individuals with severe disabilities as described in KRS 45A.465(3) shall receive a preference equal to fifteen (15) percent of the maximum points awarded to a bidder in a solicitation.

a. A bidder claiming qualified bidder status shall submit along with its response to a solicitation a notarized affidavit which affirms that it meets the requirements to be considered a qualified bidder. The required affidavit form can be obtained by going to Metro Louisville Metro Government’s Purchase webpage:

https://louisvilleky.gov/government/management-budget/procurement.

3. Reciprocal Preference (KRS 45A.490-494)

a. KRS 45A.490 Definitions for KRS 45A.490 to 45A.494.

1. "Contract" means any agreement of a public agency, including grants and orders, for the purchase or disposal of supplies, services, construction, or any other item; and

2. "Public agency" has the same meaning as in KRS 61.805.

b. KRS 45A.492 Legislative declarations. The General Assembly declares:

1. A public purpose of the Commonwealth is served by providing preference to

Kentucky residents in contracts by public agencies; and

2. Providing preference to Kentucky residents equalizes the competition with other states that provide preference to their residents.

c. KRS 45A.494 Reciprocal preference to be given by public agencies to resident bidders -- List of states -- Administrative regulations.

1. Prior to a contract being awarded to the lowest responsible and responsive bidder on a contract by a public agency, a resident bidder of the Commonwealth shall be given a preference against a nonresident bidder registered in any state that gives or requires a preference to bidders from that state. The preference shall be equal to the preference given or required by the state of the nonresident bidder.

2. A resident bidder is an individual, partnership, association, corporation, or other business entity that, on the date the contract is first advertised or announced as available for bidding:

https://louisvilleky.gov/government/management-budget/p

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a. Is authorized to transact business in the Commonwealth; and

b. Has for one (1) year prior to and through the date of the advertisement, filed Kentucky corporate income taxes, made payments to the Kentucky unemployment insurance fund established in KRS 341.490, and maintained a Kentucky workers' compensation policy in effect.

3. A nonresident bidder is an individual, partnership, association, corporation, or other business entity that does not meet the requirements of subsection

(2) of this section.

4. If a procurement determination results in a tie between a resident bidder and a nonresident bidder, preference shall be given to the resident bidder.

5. This section shall apply to all contracts funded or controlled in whole or in part by a public agency.

6. The Finance and Administration Cabinet shall maintain a list of states that give to or require a preference for their own resident bidders, including details of the preference given to such bidders, to be used by public agencies in determining resident bidder preferences. The cabinet shall also promulgate administrative regulations in accordance with KRS Chapter 13A establishing the procedure by which the preferences required by this section shall be given.

7. The preference for resident bidders shall not be given if the preference conflicts with federal law.

8. Any public agency soliciting or advertising for bids for contracts shall make KRS 45A.490 to 45A.494 part of the solicitation or advertisement for bids.

A notarized affidavit form for Bidders, Offerors, and Contractors Claiming Resident Bidder Status can be obtained by going to Metro Louisville Metro Government’s Purchase webpage:

https://louisvilleky.gov/government/management-budget/procurement if a proposer wishes to include in their proposal. Unless there are proposal from vendors from states that have a designated percentage or point procurement preference in that state, this preference will not apply.

1.4 Proposal Submittal Requirements

1.4.1 All Proposals must be signed by a duly authorized officer, agent or employee of the Bidder

(See the “Request for Proposal Signature Page” document). Bidder promises that the individual signing the Proposal document for the Bidder has the authority to bind the Bidder.

1.4.2 Sealed Proposals will be accepted until December 9, 2025, at 3 P.M.

Louisville Metro Government uses a web-based portal for accepting and evaluating proposals digitally (https://louisvilleky.bonfirehub.com/portal). Documents may be uploaded at any https://louisvilleky.gov/government/management-budget/p

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time during the open period. We strongly recommend that you allow sufficient time to complete uploading, submit and finalize your submission before the closing deadline.

If you have any technical questions related to your submission, please contact Bonfire at Support@GoBonfire.com.

You can also visit their help forum at https://bonfirehub.zendesk.com/hc.

1.4.3 Proposals cannot be submitted through the portal after December 9, 2025, at 3 P.M.

1.4.4 Any inquiries about this RFP shall be addressed in writing on the Bonfire portal.

1.4.5 Changes, Clarifications, Errors, Addenda:

1.4.5.1 Should a prospective Proposer find a discrepancy in or omissions from the specifications or be unclear as to what the specifications mean, the Proposer shall notify Metro Purchasing through the Bonfire portal. The Buyer will provide written clarification to all prospective Proposers. Proposer agrees that the Metro Government will not be responsible for any oral instructions.

1.4.5.2 Clarification of Submittal: The Metro Government may obtain clarification or additional information from a Bidder.

1.4.5.3 Changes/Alterations: Proposer may change or withdraw its Proposal at any time prior to Proposal closing date and time.

1.4.5.4 The Proposer must respond as required in this Proposal; failure to make any required response or provide required information may cause rejection of the Proposal as nonresponsive.

1.4.5.5 Once this Proposal has been signed by Proposer and officially submitted to the Purchasing Department of the Metro Government, Proposer will not be allowed to alter or withdraw its Proposal except with the written permission of the Director of Purchasing.

1.4.5.6 Addenda: The Metro Government may issue an addendum, or addenda, changing some aspect of the Proposal. All addenda, if any, shall be considered in making the Proposal, and such addenda shall be made a part of this Proposal. Before submitting a Proposal, it is incumbent upon each Proposer to be informed as to whether any addenda have been issued, and the failure to cover in the Proposal any such addenda may result in disqualification of that Proposal.

1.4.6 The Metro Government shall not permit a Proposer to withdraw its Proposal for sixty (60) days after Proposals are opened, unless the Metro Government makes a specific exception in writing. Further, Proposal prices shall be firm for a minimum of six (6) months after the Proposal closing date.

1.4.7 Metro Government shall not be responsible for any cost incurred by the Proposer in the preparation of its Proposal.

1.4.8 If the award is divided among or between vendors, written notification will be given to each vendor of the specific items covered on their respective contracts.

1.5 Buyer Information

Name: Latrice Smith Email: Latrice.Smith@louisvilleky.gov Phone: (502) 574-3913 mailto:Support@GoBonfire.com https://bonfirehub.zendesk.com/hc

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SECTION 2

SPECIFICATIONS

The Louisville Metro Government (“Metro Government”) is now accepting Proposals for Deferred Compensation Plan (“Plan”) Services.

The Louisville Jefferson County Employees Deferred Compensation Plan started in 1985 and currently has $213 million in assets, as of 9/30/2025. Louisville Metro Government currently employs approximately 5,400+ benefit eligible employees that provide service within the city of Louisville, KY and encompassing Jefferson County, Kentucky. There are 3,511 participants with an average account balance of $60k. There are 2,038 active participants contributing to the Plan. There are 24 investment options available, counting the target date fund suite as a single offering.

The Plan has 193 outstanding loans with an average loan balance of $6,707.

The Plan does not offer self-directed brokerage. Managed account services are available, as well as online enrollment. The Plan is bundled with a single service provider and this RFP is intended to be awarded to a single service provider.

Contents

Requirements…………………………………………………………………………………………………..11

Section I – Organization & Experience……………………………………………………………...12

Section II – Qualifications & Capabilities…………………………………………………………..13

Section III – Administrative Service…………………………………………………………………..15

Section IV – Recordkeeping Service……………………..…………………………………………..17

Section V – Technology & Cybersecurity………………………………..…….…………………..18

Section VI – Investments……………………………………........……………………………………..19

Section VII - Participant Services………………………………………..……………………………..20

Section VIII – Fees…………………................................……………………………………………22

The following questions must be answered in Bonfire through the questionnaire. The top three submissions will be invited for an in-person interview.

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LMG 457(b) RFP– Bid #260119

Requirements

Proposing firms must meet the following requirements:

I. The firm must have at least five years’ experience administering Section 457 governmental deferred compensation plans.

II. The firm must be a “Bundled Provider”.

III. Upon award of the contract, the winning firm shall be duly qualified to do business in the State of KY and shall furnish evidence of being fully certified to provide fiduciary investment services for the employees of Louisville Metro Government.

IV. The firm must comply with all applicable terms and conditions outlined in the General Contract Provisions.

V. It is assumed that, by submitting a response to this RFP, your firm intends to conform to the specifications in every way. The proposed contract is subject to modification as to detailed working or format. Respondents should carefully review the General Terms and Conditions and note any requests for additions, modifications or deletions as part of their response to the Request for Proposal. NOTE: The General Terms and Conditions may list local and state statutory requirements governing public contracts;

they are not subject to negotiation.

VI. The firm must accurately and fully disclose all fund expense and revenue sharing arrangements associated with all funds available to Louisville Metro Government.

VII. The firm must be able to administer a fund line-up of investment options that are in compliance with the Plan’s Investment Policy Statement for the length of the contract.

VIII. The firm must have knowledge of and comply with all applicable Federal, State and local laws, statutes, ordinances, rules and regulations regarding governmental retirement plans and investment options.

IX. All laws of the State of KY, whether substantive or procedural, shall apply to this contract, and all statutory, charter, and ordinance provisions that are applicable to public contracts in the County shall be followed with respect to this contract.

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LMG 457(b) QUESTIONNAIRE– Bid #RFP260119

Section I – Organization & Experience

1. Provide the legal name of the responding organization and its corporate headquarters address, telephone number, and company web address. Please provide brief description of core business. Please list all regional offices.

2. List all corporate “parents” and affiliates of the bidder, along with their associated address and telephone number.

3. Briefly describe the ownership structure of your organization and any subsidiaries it may have. Identify parent company and any affiliated businesses of the vendor. List all predecessor organizations with the year of any corporate changes.

4. Who is your trust company? Please describe any trustee and custodial services you provide. If you do not provide these services, do you have an established relationship with a third party trustee? If yes, with whom? Are these trustees full-service or are they serving as directed trustees?

5. Are there any discussions or pending agreements to merge or sell any part of your organization? If yes, please explain.

6. How long has your company provided DC plan services? How long has your organization provided services to governmental 457 deferred compensation plans?

7. Total Number of employees in your organization? Number of employees dedicated to the 457 marketplace? # of employees dedicated to the governmental 457 marketplace?

8. Does your firm have a diversity policy / statement? What percentage of your workforce are minorities? What percentage of your workforce are females?

9. Please state if you provide additional services such as HSA, Defined Benefits, SDBA, 529 Plans, IRA, etc.

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Section II – Qualifications & Capabilities

1. What differentiates your retirement offering from your competitors?

2. Please provide your most recent audited financial statement. If the proposing firm is an insurance company please provide your ratings from Standard & Poor’s, Moody’s and Fitch. If rated by some other service, provide the rating and rating criteria.

3. Describe any litigation, in the past ten years or, against your organization or local service representatives resulting from its current or past involvement with any deferred compensation, defined contribution or public/private pension plan.

4. Has your firm or any of its affiliates been subpoenaed by regulators with regard to trading practices? If yes, by whom and when?

5. Provide a implementation timeline for this conversion, with and effective date of 7/1/2026

6. Does your firm have any affiliations with or endorsements from any public or private organizations? If yes, please describe the relationship.

7. Are you willing to indemnify and hold Louisville Metro Government harmless from any legal claims, and actions arising out of the education activities related to investments of the plan in compliance with related deferred compensation and qualified plan fiduciary compliance requirements under state and federal law? If no, please explain.

8. What are your firm’s total assets under management? What are your firm’s total Governmental 457 Deferred Compensation assets under management? How many total participants do your firm service inTot talhe N pumublicber sector 457 marketplace? Please also complete the chart below.

10. Data as of

06/30/2025

# of Participants of Governmental 457 Plans

Total Governmental 457 Plans Assets

# of Governmental 457 Plans in the State of Kentucky

Under 1,000

1,000-5,000

5,000-10,000

Over 10,000

Total

Data as of 06/30/2025

Asset Range Total Number of Governmental 457 Plans

Total Governmental 457 Plans Assets

# of Governmental 457 Plans in the State of Kentucky

Under $50 million

$50 to 250 million

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$250 to 500 million

Over $500 million

Total

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Section III – Administrative Service

1. Provide the name, address, phone, and e-mail address of the primary service representative proposed for this account. In addition, provide the number of years this individual has been employed by your organization and in what capacities, along with the number of years employed in the defined contribution field. Please list all regional offices.

2. Please list all team members proposed for the LMG engagement and their responsibilities and locations. Please list the average number of years of experience of each team member

3. What is the current number of plans serviced by the Team/Relationship Manager that will be serving this client? Provide organizations with the year of any corporate changes.

4. What is the average plan size under the service team? What is the average participant count under the service team? Please list the largest number of participants currently managed under the service team. Please list the smallest number of participants currently managed under the service team.

5. Do you currently have an office located in Jefferson County? If no, where is the closest physical office? Do you currently have staff located in Jefferson County?

6. During what hours may a plan sponsor reach a representative? What is the standard for returning calls/responding to emails and how is this measured?

7. Please describe your loan processing outsourcing program capabilities, including the price of service for the Plan Sponsor/and or Participant. Can you verify and approve loans? Can requests be made online? Can participants pay loans post-termination via

ACH?

8. Does the service include administration for defaulted loans? How do you work with the sponsor to ensure full loan compliance? Are loan activity reports available online?

9. Can you certify and track the hardships? Do you provide hardship processing? Can participants initiate hardship withdrawals either online or via phone?

10. How do you work with the Plan Sponsor to ensure full hardship withdrawals compliance?

11. Do you offer outsourcing services for Qualified Domestic Relations Orders and if so, detail any fees associated with the service? Do you calculate and/or process the necessary amount to satisfy a QDRO?

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12. Do you offer outsourcing services for distributions and if so, detail any fees associated with the service? Are distribution summary reports available online?

13. Is there a cost for maintaining terminated employees in the plan? Can participants initiate termination distributions and rollovers either online or via phone?

14. Do you provide online entry & maintenance of beneficiary information?

15. Do you notify the participants directly, or automatically, of RMDs? If so, detail any fees associated with the service?

16. Please describe your process for handling lost account holders. Please describe your process for handling uncashed/outstanding checks.

17. Are all reports exportable/downloadable to excel, csv or other editable formats?

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Section IV – Recordkeeping Service

1. Is your record keeping system proprietary or provided by a third party? Describe your record keeping system. How long has this system been in place? employed by your organization and in what capacities, along with the number of years employed in the defined contribution field. business. Please list all regional offices.

2. Do you utilize a Third-Party Administrator? Can data be submitted via Online/Website?

3. Can data be submitted directly through payroll provider?

4. Do you offer 360-degree payroll integration supporting direct, two-way communication of data with payroll providers? Can data be submitted via email? What is the preferred method of data submissions?

5. What is your policy for handling floats (in instances when it may occur)?

6. Can you notify plan sponsors of late contributions and if so, is this automated?

7. How many payrolls will you process per year at no charge? be made online? Can participants pay loans post-termination via ACH?

8. Describe your proposed communication process for Louisville Metro Government.

9. Describe the communications you would provide to Louisville Metro Government Administrative and Investment Committees. Include the frequency of Fund Performance Results.

10. To what degree do you customize your materials? Are they offered in languages other than English?

11. Are local representatives incented to solicit outside products that are not directly associated with Louisville Metro Governments Plan? How are your representatives compensated by servicing this plan?

12. Do you require any special licensing or training for local service personnel? If yes, please describe.

13. Describe year-end reporting and employer required services.

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Section V – Technology & Cybersecurity

1. Detail your firm's cybersecurity policies, procedures, data encryption, and technical measures to prevent unauthorized access or alteration, fraud, theft, misuse, or physical damage to hardware, software, communications networks, and data? What improvements to your cybersecurity capabilities are designated to occur in the next three years? capacities, along with the number of years employed in the defined contribution field. business. Please list all regional offices.

2. How is data safeguarded and secured within the system? Describe your cybersecurity policies and how they adhere to the Department of Labor (DOL) requirements. Please include employee training, secure data handling, vendor vetting, and the use of security measures like multi-factor authentication.

3. Describe your company's system back-up, security and disaster recovery procedures.

Are files archived and stored at an off-site location? If so, what is the location? Have procedures been tested? When did you last perform a full-scale disaster recovery test?

4. Describe the services available through mobile app and online submissions?

5. Can the plan sponsor generate Eligibility & Enrollment reports through the site? Can the plan sponsor generate Distributions reports through the site? Can the plan sponsor generate Contributions reports through the site? Can the plan sponsor generate ad-hoc reports for any time period?

6. Is there an automated capability of reporting loan data to the client's payroll system?

Do you require manual input of any participant payroll data? Is there a capacity to automate data feeds for employee data maintenance (address changes, status changes, etc.) from the client's payroll system?

7. Please provide a link to a demo website with login and password.

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Section VI – Investments

1. Does the proposed investment platform contain only Group Retirement Plan Annuity products? Is your platform open architecture?

2. How many fund families and investment options are available on the platform?

3. Are there any proprietary product restrictions? Do you require proprietary Target Date Funds in the plan?

4. Is there a minimum number of proprietary funds? What pricing incentives are available for proprietary fund usage?

5. Are Self-Directed Brokerage Accounts available under your platform? Who is the custodian of the SDBA? Contributions reports through the site? Can the plan sponsor generate ad-hoc reports for any time period?

6. What stable value options are available on your platform?

7. Qualified Default Investment Alternative (QDIA):

i. Do you provide initial adoption notice to participants?

ii. Do you provide annual notice requirement?

8. Please describe your fee disclosures for the investment fund line-up. When and how are those communicated to plan sponsor and plan participants?

9. Do you offer lifetime income products? What annuity products are offered to employees?

10. What restrictions and termination clauses are imposed on employees accounts? What restrictions are enforced at the plan level?

11. For any guaranteed interest accounts or fixed accounts, please describe what the restrictions and fees associated with withdrawing assets at the participant and plan level?

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Section VII - Participant Services

1. Describe your participant communication and education services. Include sample materials.

2. Do you provide materials to educate participants about general financial and retirement planning issues and how Louisville Metro Government’s plan may fit into their personal plans? Include sample materials.

3. Are representatives incentive to solicit outside products that are not directly associated with the Louisville Metro Governments Plan?

4. What hours can a participant reach a live representative? Where is your customer service center located? How many live operators are available to answer calls?

5. Do you require any special licensing or training for local service personnel? If yes, please describe.

6. Will you provide Louisville Metro Government plan participants with on-site, group education and retirement planning sessions on an on-going basis? If yes, please list the titles of the subjects that are covered in your program. No description necessary.

7. Are there other services you would provide? If yes, please provide more information.

Are there any costs associated with such services?

8. What special educational services do you offer specifically for employees nearing retirement?

9. Do you offer forms and communication materials that are specifically customized for 457 deferred compensation plans?

10. Are you willing to provide LMG customized educational materials at no additional cost?

If yes, briefly describe the level of customization that is available.

11. Do participant statements aggregate all account information if the employee were to have multiple plans/accounts with you? Do statements allow for a customized message from the employer?

14. Will you provide plan participants with on-site group education and retirement planning sessions on an on-going basis? If yes, please list the subjects that are covered in your program.

15. What special educational services do you offer specifically for employees

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nearing retirement?

16. Do you offer specific investment advice to individual participants? If yes, please describe the process for providing such advice.

17. Does your firm provide investment advice and assume fiduciary responsibility for the recommendations that are given to participants?

18. Do you provide “managed account” services that enable a participant to pay a fee to your firm or partner firm to provide discretionary management of investment decisions for that participant? If yes, please explain.

19. Quantify your proposed, ongoing, on-site annual enrollment/education commitment.

How many group meetings will you commit to perform annually? How many individual consultations?

20. How do you measure the success of your educational programs?

21. What type of fund performance and risk information is available on or with the quarterly statements?

22. Do all statements include a personal rate of return and lifetime income calculation? If yes, how is this return calculated?

23. How many business days after quarter end until statements are mailed to participants?

24. Are quarterly statements for all plans available to participants on-line? If yes, how many business days after quarter end until they are available?

25. How long are archived participant statements available on-line? Please, provide a sample quarterly participant account statement for the 457 plan.

26. What training is provided to 1-800 operators before they are allowed to handle incoming calls? Do you monitor and/or tape 1-800 calls?

27. Do you offer an online enrollment process? Will you maintain and control the inventory of all related enrollment materials that are to be included in the enrollment kits?

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Section VIII - Fees

1. Fully identify any and all direct or indirect financial arrangements with the plan, your firm, and/or any other entity providing services (either directly or indirectly) to the plan through your firm. For each financial arrangement, fully describe how the remuneration is paid (e.g. from plan assets, charging each participant a fee, charging the plan a fee, or billing the plan sponsor directly), and whether it is a one-time or ongoing payment. Enumerate how each of these direct or indirect financial arrangements and/or payments is utilized for plan purposes.

2. Does your organization have any financial arrangements with another individual or entity whereby your firm (or an agent for your firm) receives compensation based upon the amount or number of plans or assets placed with that entity? If so, fully disclose each arrangement.

3. Please provide guaranteed pricing based on 5-, 7-, and 10-year terms.

4. What service guarantees do you provide and what fee bonuses or penalties do you offer?

5. What has been the average increase in your fees over the past five years?

6. Are there any “termination fees” that would apply at any time in the future?

If so, please provide complete details.

7. Please provide your annual fee quote on a percentage and per participant basis. Please detail any additional fees and charges beyond the standard annual fee quote, including education meetings, trust, etc. Please provide a sample fee transparency report.

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SECTION 3

EVALUATION CRITERIA

3.1. Evaluation Process

After receipt of proposals the Metro Government shall evaluate all responses based on the criteria below. During that evaluation, the Metro Government shall rank all responses, again based on the criteria described below. Once the RFP Responses are ranked, the Metro Government shall determine in writing which responses are reasonably susceptible of being awarded the work. The Metro Government shall thereafter conduct negotiations with each of those “reasonably susceptible” Proposers, unless the Metro Government concludes that an award may be made without negotiations, as allowed by KRS 45A.370 (3).

The Metro Government will conduct a multi-stage process for selecting proposals that are determined to be reasonably susceptible to award.

Pre-Stage

There are two affirmative action requirements which apply to Metro Government contracts: a) Affirmative Action in Employment and b) Affirmative Action in the subcontracting of Minority, Female and Handicapped-owned businesses. The Louisville Human Relations Commission (HRC) is responsible for compliance of these requirements. Failure to submit the HRC “Good Faith Effort” requirements identified in this RFP document will cause the proposal to be deemed non-responsive.

Stage 1

The RFP evaluation committee shall score all proposals based upon the evaluation criteria detailed herein as well as any preferences authorized in Louisville Metro County Ordinance identified in this RFP. Upon completion of the scoring, the committee shall recommend short-listing the proposals that are reasonably susceptible of being awarded.

Stage 2

Vendors whose proposals have been identified as reasonably susceptible to award may be invited to discuss their proposal with the RFP evaluation committee. The date, time and location of the meetings will be negotiated.

The committee may carry out contract negotiations for the purpose of obtaining best and final offers, terms, and conduct detailed reference checks on the short listed vendors. The Metro Government reserves the right to contact respondents with requests for clarification.

Award

There exists the possibility that an award may be made on the basis of initial offers if it can be clearly demonstrated and documented from the existence of adequate competition or accurate

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prior cost experience that acceptance of an initial offer without discussion (Stage 2) would result in fair and reasonable prices (KRS 45A.370(3)(c)).

Award will be made to the responsible offeror whose proposal is determined in writing to be the most advantageous to Louisville Metro Government based upon the evaluation factors set forth in this RFP.

3.2. Evaluation Criteria

The Proposals received pursuant to this Request for Proposals will be evaluated on the following selection criteria:

Organization & Experience 5 Qualifications & Capabilities 5 Administrative Service 15 Recordkeeping Service 15 Technology & Cybersecurity 5 Investment Offerings 20 Participant Services 10 Fees 25 Overall Evaluation 100

TOTAL 100 POINTS

3.3. Proposals will be reviewed by a committee consisting of representatives from:

Louisville Metro Human Resources

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SECTION 4

GENERAL PROVISIONS

4.1 Proposal Acceptance

Metro Government may award Proposals in its best interest, reject proposals or any part of them, award contracts in whole or part, waive what it concludes in its discretion are minor problems with proposals, including but not limited to formalities or technicalities. The Metro Government may consider any alternative proposals which meet its needs.

4.2 Payment Terms: Net 30 days.

4.3 Pricing

4.3.1 Proposal prices shall be firm for at least six (6) months after the Proposal closing date.

4.3.2 Project-Specific Contracts: Pricing for specific Metro Government projects shall not change for the duration of the contract.

4.3.3 Non-Project Specific Contracts, Including Price Contracts:

4.3.3.1 For non-project-specific contracts, including Price Contracts, Proposer agrees that prices shall not change for the first year of that contract.

4.3.3.2 If a contract is renewed, all price increase requests after the first year must be submitted in writing to the Purchasing Division, 611 West Jefferson Street, Mezzanine Level, Louisville, KY 40202. Upon notification by the vendor of documented market increases, Proposer agrees that the Metro Government may either accept the price change or terminate the contract. Increases shall not be effective until the Metro Government’s approval of them is received by the Proposer in writing.

4.3.4 Prices quoted shall be exclusive of the State and Federal Excise Tax, since the Metro Government is exempt from them.

4.3.5 Time discounts or cash discounts shall not be considered in Proposal evaluation.

4.3.6 Prices for any Proposal item shall not be contingent upon the purchase of any other

Proposal item.

4.3.7 If `approximate yearly usage' is supplied, it is only to aid vendors in preparation of

Proposals and under no circumstances binds the Metro Government to purchase those amounts.

4.3.8 Proposer should show unit prices and extended prices (unit prices multiplied by the number of units proposed to be purchased).

4.4 Special Conditions for Price Contracts:

4.4.1 A “Price Contract” is an agreement for the purchase of goods and possibly services which the Metro Government may utilize to fill its needs throughout the term of the contract. It is not a contract for a specific project, though purchases may be made for particular projects as the need arises. A Price Contract does not obligate the Metro Government to purchase any amount of the Proposal goods or services.

4.4.2 The Metro Government may renew contracts for a period of one (1) year and from year to year thereafter, upon the same terms and conditions as the original contract, if such

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renewal or extension is agreed to by the contractor. Total contract period cannot exceed five (5) years. Written notice of Metro Government's intention to renew will be sent prior to the expiration date.

4.4.3 Any government entity in Kentucky shall have the option of making purchases under a Price Contract executed under this Proposal.

4.4.4 If a price contract is awarded hereunder, the Proposer agrees the Metro Government may nonetheless issue a separate Proposal for the products or services which are the subject of this Proposal.

4.5 Special Conditions Applicable to Contracts for the Purchase of Goods (including Price Contracts, if those contracts are for the purchase of goods)

4.5.1 Proposer must submit all factory literature and supporting documentation with each submitted copy of its RFP.

4.5.2 Proposer shall provide prices for goods as FOB Delivered. Metro shall not pay for shipping, handling or any other associated charges for shipping.

4.5.3 All goods purchased are subject to inspection at the point of delivery by the Metro Government.

4.5.4 Proposer agrees to pay all costs for the return of rejected goods.

4.6 Tariff

4.6.1 For purposes of this contract, “Tariff” means any new, increased, or modified import duty, tax, or levy imposed by the United States federal government under the Harmonized Tariff Schedule of the United States (HTSUS) after the effective date of this contract.

4.6.2 If Tariffs change during the term of this contract and directly impact the cost of products, goods, materials, or a clearly defined component part thereof required for performance of this contract, the Contractor may request a price adjustment if the net change in cost attributable solely to such Tariff change exceeds [choose percentage:

e.g., five percent (5%)] of the [choose one: total contract price/material impacted]. The Contractor is limited to one price adjustment per quarter.

4.6.3 If the Contractor is requesting a price adjustment, it must submit (1) a written request to [specify: e.g., the person designated in the Notices section of the contract] and (2) evidence of: (i) the unit price paid by Contractor as of the date of award for the good or raw material used to furnish the goods to the Unit under this contract, (ii) the applicability of the Tariff to the specific good or raw material, and (iii) Contractor’s payment of the increased Tariff (either directly or through an increase to the cost paid for the good or raw material). The evidence submitted shall be sufficient to allow the Unit to verify that the Tariff is the cause of the price change. The Unit may request, and the Contractor shall provide, additional documentation reasonably necessary to verify the Contractor’s request.

4.6.4 If approved by the Unit, the amount of any adjustment shall equal the difference between the actual material cost incurred and [choose the correct percentage based on the percentage identified in the Eligibility section, e.g., 105%] of the baseline cost.

Adjustments shall be limited to the affected materials and shall not exceed [choose percentage: e.g., fifteen percent (15%)] of the initial contract price.

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4.6.5 If the Tariff is repealed or reduced prior to termination of this contract, the increase in the Unit’s contract price shall be reduced by the same amount and adjusted accordingly within [specify time: e.g., ten (10) business days].

4.6.6 If the Tariff is repealed or reduced prior to termination of this contract, the increase in the Unit’s contract price shall be reduced by the same amount and adjusted accordingly within [specify time: e.g., ten (10) business days].

4.7 Worker Safety

4.7.1 The Proposer agrees to comply with all statutes, rules, and regulations governing safe and healthful working conditions, including the Occupational Health and Safety Act of 1970, 29 U.S.C. 650 et.seq., as amended, and KRS Chapter 338. The Proposer will provide training documentation for all standards applicable to the job. Necessary trainings would include, but are not limited to, remediation, abatement, powered industrial truck equipment brought on site by bidder, SDS for all chemicals brought to site by bidder, confined space, fall protection, or any other trainings required by an afore mentioned standard under the scope of work being proposed. The Proposer agrees to provide, for all their employees working on properties where Metro employees reside, documentation of current (annual) asbestos awareness training, per OSHA’s 1926.1101(k)(9)(vi) regulation.