Collin_College_Recordkeeper_RFP_Questionnaire_11-2024.docx

403(b) Recordkeeper

Request for Proposal

Service Questionnaire

Respondents must attach their response to this questionnaire in Section X, Item X in the order in which they are listed below.

Organization and Management

1. In the form of an Executive Summary, provide an overview of why your firm is the best choice to provide retirement plan recordkeeping, administrative services and employee services for Collin College and its employees.

Plan Sponsor Services

2. Discuss report writing capabilities (standard and ad hoc) and data queries that can be completed on the plan sponsor site or by request through the service team. Confirm report format/file type and what, if any, training/support will be provided.

Cyber Security

3. What are your safeguards for securing and maintaining confidentiality of employee information?

4. Comment on your firm’s written policy and process for documenting, notifying, and rectifying data breaches, problems, and incidents.

5. Discuss your firm's crime insurance policy definition of property and whether it includes electronic data (non-tangible property).

6. Describe how data is secured within the website. Do you mask social security numbers?

7. Do you have cyber security insurance coverage? If so, provide information on the carrier and insurance limits.

8. Please describe any relevant policies and procedures regarding data security penetration testing and information security.

9. In the event of a data breach, would there be any credit protection/monitoring guarantee for all plan participants?

10. Will you indemnify the plan sponsor against any liability arising from security breaches related to any of your systems?

Participant Services

11. What escalation and notification procedures do you use to address participant questions prior to referring a participant to the plan sponsor?

12. Do you provide participants with an automated rebalancing option? If participants select this option, how often will their accounts be rebalanced?

13. Discuss if you will maintain notices and forms for the plan.

Plan Administration

14. Describe how you monitor the quality of administration with respect to compliance with plan document provisions.

15. If any manual processes are required for plan administration, please describe.

16. There are legacy assets (pre-2019) maintained by a number of recordkeepers / insurance companies. Please provide information on your ability to “coordinate” the administration of the plan and these legacy assets through a proprietary system or indicate if you will need to rely on an outside third party administrator.

Compliance/Legal

17. Discuss if you can create, distribute and maintain required notices and forms for the plan; include specific details regarding the 404(a)(5) participant fee notice as a “best practice” for this non-ERISA governmental plan.

18. Discuss whether you have the ability to track and report 402(g) limits on a per payroll basis or year-end only basis.

19. Discuss if you will maintain notices and forms for the plan and specify which notices and forms you will maintain and any that you will not maintain.

Plan Investments

20. Confirm your ability to record keep the provided fund list. In addition, discuss your ability to levelize fees across all plan assets and provide details on how “built-in fund revenue sharing” is treated in this environment.

21. What percentage of Collin’s plan assets (or number of funds) will you require be invested in your proprietary investment funds? Identify the asset classes and share classes.

22. Please identify what fixed account or stable value options are available on your recordkeeping platform. Are there different crediting rates available to the participants based on level of assets invested in fixed account?

23. Please describe your ability to create and/or implement custom target date funds.

24. What third party investment advice or managed account products do you support? Does the inclusion of investment advice or managed accounts impact your pricing and, if so, how?

Participant Education, Advice and On Campus Support

25. Describe your service model for engaging and educating employees on the value of saving for retirement.

26. Are you willing to participate in monthly new hire orientations in order to educate new hires on the Collin Invests Enhanced Retirement Savings Plan and encourage their participation in the plan.

27. Describe your ability to provide on-campus, in-person retirement plan education along with the options available for electronic group and individual meetings.

Fee Proposal

28. Please submit your fee proposal on a “percentage of assets” basis and on a “flat dollar per participant” basis, providing details on the assumptions you have made under each scenario.

29. In addition, confirm that you have not assumed the capture of any fund revenue in the prices you are providing.

30. In the event that any particular services are not included, or are provided by a related entity, please list them here.

31. Discuss any contingencies or assumptions used to formulate the proposal.

32. Discuss the factors that you consider in determining future fee decreases or increases and when they will occur. Please indicate if you provide any fee guarantee.

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