Telluride_RFQ_RetirementPlan.pdf

REQUEST FOR QUALIFICATIONS (RFQ)

TOWN OF TELLURIDE RETIREMENT PLAN ADMINISTRATION SERVICES

Release Date: Wednesday August 20, 2025 Proposal Submission Deadline: 5:00 PM MST September 22, 2025

The Town of Telluride (“Town”) is requesting written proposals from qualified firms to provide retirement plan administration services for the Town’s employee retirement plans, including 401(a) and 457(b) plans. Services include plan administration, fiduciary oversight, recordkeeping, compliance, customer service, and employee education.

Proposals will be retained by the Town and will not be returned. Proposals must be received via email by 5:00 PM MST on September 22, 2025. Proposals shall be submitted electronically to Julia Prejs, Human Resources Director at jprejs@telluride-co.gov, Subject: RFQ Response – Retirement Plan Administration Services

Tentative RFQ Schedule

September 22, 2025 Proposals due to the Town by 5:00 PM MST

October 7, 8, 9, 2025 Interviews with Selected Firms

October 15, 2025 Selection

October 30, 2025 Agreement Execution

SELECTION PROCESS

This Request meets the requirements of Town of Telluride Municipal Code §4-6-230.

Selection will be based on the proposal deemed most advantageous to the Town, considering qualifications, service capabilities, cost, and other relevant factors.

Proposals will be considered only from firms established in an appropriate business, who are financially responsible, and who have the resources and ability to offer the services required in a professional and expedient manner. The Town may request additional information as deemed necessary. Failure to provide the requested information may result in the proposal being considered non-responsive.

SCOPE OF SERVICES

The Town seeks a highly qualified firm with demonstrated expertise in administering retirement plans for public-sector and municipal government clients. The selected firm will be responsible for delivering comprehensive and compliant plan administration services tailored to the Town’s 401(a) defined contribution plans and 457(b) voluntary contribution plans with approximately total of $8 million in assets. This includes fiduciary mailto:jprejs@telluride-co.gov oversight, exceptional participant support, compliance with evolving regulatory requirements, and strategic guidance to ensure the long-term success and integrity of the Town’s retirement benefits program. Services required include:

Plan Administration

• Recordkeeping and transaction processing

• Compliance with IRS, DOL, and state laws

• Management of plan documents and updates

• Timely reporting and audits

• Pass through of administration fees to plan participants

• Administration of 457(b) plan-specific provisions (including catch-up rules)

• Coordination of annual plan reviews and strategic recommendations

• GASB-related data provision and assistance with government-specific reporting, if applicable

Fiduciary Services

• Serve as a 3(38) investment fiduciary

• Ensure prudent selection and monitoring of investment options

• Maintain and disclose low fund expenses

• Manage conflicts of interest

Participant Services

• Responsive, multi-channel customer support

• Web-based portal with user-friendly, intuitive design

• Mobile-compatible participant access

• Support for Roth contributions and loan provisions

• Educational sessions, workshops, and online tools

• Support for retirement readiness and participant outcome metrics (e.g., savings rates, deferral patterns)

Reporting and Analytics

• Real-time and scheduled reporting for the Town and participants

• Investment performance reporting

• Compliance reporting and plan testing

• Secure plan sponsor dashboard with access to analytics, audit data, and plan utilization trends

Investment Options

• Diverse investment line-up including self-directed options

• Access to institutional or other low-cost funds

• Periodic review and recommendations to ensure optimal plan design

• Transparent fee disclosures and fund performance evaluations

Cybersecurity Requirements

• Maintain modern, rigorous cybersecurity practices aligned with standards such as NIST 800-53, NIST SP 800-122, NIST CSF 2.0, or SOC 2 Type II

• Encrypt data at rest and in transit

• Use complex passwords and multi-factor authentication for system access

• Conduct annual third-party security assessments and penetration tests

• Provide incident response protocols and comply with Colorado HB18-1128 for breach notifications

• Secure data management to protect participant and plan data in compliance with industry standard cybersecurity frameworks, and applicable Colorado privacy and data breach notification laws and Colorado Protections for Consumer Data Privacy (HB18-1128)

Accessibility Requirements

• Ensure all participant-facing platforms meet WCAG 2.1 AA standards

• Comply with Colorado HB21-1110 and HB 24-1454 digital accessibility law

• Support assistive technologies and provide accessible content

• Offer participant communications and documents in accessible formats

Additional Considerations

• Plan design consulting and benchmarking

• Multi-language support preferred (e.g., Spanish/English)

Town’s Responsibilities The Town will perform any or all the following tasks:

• Provide full information including detailed scope as to its requirements for services.

• Give prompt notice to the firm whenever the Town observes or otherwise becomes aware of any discrepancies in the services provided.

• Furnish or direct the firm to provide, at the Town’s expense, any necessary additional services.

Changes in Scope of Services Any change of scope in the services to be performed after the proposal has been selected and agreement signed shall be documented as a written amendment to the agreement for services, be accepted by all parties, and made a part of the original contract by amendment.

Evaluation Criteria

Proposals will be evaluated on the following criteria (not ordered in relative importance, weights may be assigned internally):

1. Completeness: Submittal includes all required materials.

2. Experience: Depth of experience in public-sector and municipal retirement plan services.

3. Fiduciary Compliance: Demonstrated capacity to meet fiduciary standards and manage risk.

4. Technology: Functionality and accessibility of participant and sponsor tools.

5. Customer Service & Education: Approach to participant engagement, communication, and education.

6. Cost Proposal: Transparency and competitiveness of fee structure.

7. References: Feedback from current or recent public-sector clients.

PROPOSAL SUBMITTAL REQUIREMENTS

1. Transmittal Letter: Signed by an authorized representative committing to the terms of the proposal

2. Company Profile: Legal name, headquarters, years in business, ownership type, licenses

3. Team Information: Organizational structure, bios of key personnel, roles

4. Experience & References: Similar plan administration within the last five years and public sector/municipal references

5. Scope of Services: Detailed methods and service delivery plan

6. Technology Overview: Description and screenshots of web and mobile platforms

7. Fees: Complete pricing for base and optional services, including fund expense ratios and any per-transaction or participant fees

8. Litigation or Compliance History: Disclosure of any legal, regulatory, or compliance actions within the past five years

9. Timeline: Gantt chart or other visual schedule of implementation and transition plan

Agreement Required

The successful firm or individual will be required to enter into a written agreement with the Town on the Town's standard agreement template upon selection. Minor changes may be acceptable upon Town legal review and approval. Should a submitting firm or individual desire to review this agreement prior to responding to this Request, please contact Julia Prejs, Human Resources Director at jprejs@telluride-co.gov.

Licenses

The successful firm, without additional expense to Town, shall be responsible for obtaining any necessary licenses and for complying with any applicable and current professional requirements, federal, state, and municipal laws, any and all codes and regulations in connection with the performance of the services. The successful firm and all advisors and representatives will be required to obtain a Town of Telluride Business License if the firm, advisor or representative will have a physical presence in Town for a period exceeding five days during a calendar year.

Responsibility for Proposal Costs

The Town is not liable for any costs incurred by any firm or individual associated with the preparation of a proposal, the negotiation of a contract, or for services performed prior to the award of the Agreement and contract execution. Selected firms may be asked to present their proposals and/or demonstrate the ability to provide services to the Town’s representatives in Telluride or at another mutually agreeable location. The interested firms or individuals shall bear all costs for such presentations.

Independent Contractor

The successful firm or individual shall be considered an independent contractor and shall not be an employee of the Town. THE INDEPENDENT CONTRACTOR IS NOT

ENTITLED TO WORKERS’ COMPENSATION BENEFITS. AN INDEPENDENT

CONTRACTOR IS OBLIGATED TO PAY FEDERAL AND STATE INCOME TAX ON

ANY MONIES EARNED PURSUANT TO THE CONTRACT RELATIONSHIP.

ADDITIONALLY, IT IS UNDERSTOOD THAT THE INDEPENDENT CONTRACTOR IS

NOT ENTITLED TO UNEMPLOYMENT INSURANCE BENEFITS UNLESS

UNEMPLOYMENT COMPENSATION COVERAGE IS PROVIDED BY THE

INDEPENDENT CONTRACTOR OR SOME ENTITY OTHER THAN THE TOWN OF

TELLURIDE, COLORADO.

Confidentiality

Please be aware that proposals submitted in response to this Request shall be subject to the Colorado Open Records Law, Section 24-72-201, et seq., C.R.S ("CORA"). Any privileged or confidential information in a submitting firm’s proposal should be specifically identified by the firm as such prior to submission. If any information in a proposal is marked as confidential by a firm, the firm in responding to this Request agrees to indemnify Town for any and all attorney fees Town may incur in defending the reasonable withholding of such information.

Should Town receive a request for the release of any information in a firm’s proposal in accordance with CORA, Town will review the firm’s proposal, considering the portions that the firm indicated contained trade secrets, privileged information, or confidential commercial, financial, geological, or geophysical data, and may release only that information which has not been identified as confidential. If in the opinion of Town's legal counsel Town is nonetheless compelled to disclose any portion of such information to anyone or else stand liable for contempt or suffer censure or penalty, Town may disclose such information without liability.

QUESTIONS

All questions must be submitted in writing to Julia Prejs, Human Resources Director at jprejs@telluride-co.gov no later than Monday September 8, 2025.