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Recordkeeper RFP (Request for Proposal) for Voluntary 403(b) Plan Information as of September 30, 2024
Recordkeeper RFPI (Request for Proposal) for Voluntary 403(b) Plan Information as of September 30, 2024
Background Collin College is required by Texas law to rebid the sole recordkeeping / administrative services for its voluntary 403(b) plan, the Collin Invests Enhanced Retirement Savings Plan. If a new recordkeeper is selected, they would “go live” in the first half of 2025.
Collin College provides several ways for employees to save for retirement including the state sponsored TRS (Teacher Retirement System of Texas) and ORP (Optional Retirement Program) for all full-time faculty and eligible staff. In addition, all employees (excluding student employees) are eligible to enroll in this voluntary 403(b) plan sponsored by Collin College. More information about Collin College’s Retirement Plan program is available here: Collin College Retirement Programs. Of particular note is the 100% match on the first 4% of pay contribution that is made for all eligible full-time employees.
RFP Process PlanPILOT has been retained by Collin College to assist in this RFP process resulting in either the continuation of Corebridge as the sole recordkeeper or the selection of a new recordkeeper. The RFP will be published on the Collin College eBid procurement website and will remain open for the prescribed length of time.
RFP Scoring Criteria
Minimum Required Criteria for Respondents
· Published SOC-1 Report at least through December 31, 2023
· Minimum Number of Higher Education Clients: 10
Timing
| Publish RFP |
| November 22, 2024, Noon Central |
| Candidates may ask questions until |
| December 11, 2024 |
| Information Due |
| December 18, 2024, Noon Central |
Finalist Presentations, if needed (Please hold these dates in the event you are selected to present) January 13 -17 2025
| Anticipated Approval Date |
| February 26, 2025 |
| “Go Live Date” |
| 3rd Quarter 2025 |
Collin College: Important Institution and Plan Data Collin College currently employees over 3,000 employees on 12 campuses in Collin County on the north side of the Dallas Fort Worth Metroplex. Information on their employee population is available here: Collin College Personnel Head Count.
Significant Plan Provisions for 403(b)Plan
| Eligibility to Defer |
| All non-student employees regularly scheduled to work more than 20 hours per week. |
| Eligibility for Match |
| All Full-time Faculty and Staff |
| Compensation Definition |
| Base pay without bonuses, overtime or other pay types |
| Deferral Types |
| Pre-Tax and Roth (Roth is new this fall) |
| Matching Contribution |
| 100% of first four percent of pay |
| Loans |
| One loan; from total balance |
| Distributions |
| Hardship, Upon termination of employment, other distribution events to be determined |
| Fund Line-up |
| Respondents must affirm that they are able to record keep the fund line-up that was provided as part of this RFP. |
Annual Contributions
| 2024 (through 9-30) |
| 2023 |
| 2022 |
| Employee |
| $4,652,661 |
| $5,426,840 |
| $4,904,028 |
| Employer |
| $2,298,277 |
| $2,248,522 |
| $2,189,512 |
| Total |
| $6,950,938 |
| $7,675,362 |
| $7,093,540 |
Other Plan Data
| 2024 (through 9-30) |
| 2023 |
| 2022 |
| Distributions/Withdrawals |
| $2,825,334 |
| $1,269,013 |
| $871,224 |
| Total Assets |
| $44,973,807 |
| $34,303,880 |
| $23,588,883 |
Participant Counts as of 10-18-2024
Count
| No Longer Employed / Other Status |
| 402 |
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