TIAA%20Traditional_Stable%20Value%20Account%20Contract%20Breakdown.xlsx

This is a financial breakdown document accompanying a Request for Proposals issued by the State of Tennessee through its Treasury Department for recordkeeping, administration, communication, education, and custodial trustee services for the Optional Retirement Program (ORP) and two public higher education 403(b) Plans administered by the University of Tennessee and Tennessee Board of Regents. The state seeks two service providers to deliver bundled administrative services for approximately 37,700 total ORP participants and 5,607 total 403(b) plan participants with combined assets of approximately $6.2 billion. The RFP process requires written questions by May 26, 2026, with technical responses and cost proposals due June 29, 2026. Finalists will present orally on July 27-28, 2026, with a Notice of Intent to Award on August 5, 2026, and contract signatures due by August 17, 2026. The contract term is 60 months, effective December 1, 2026, through November 30, 2031, with implementation and conversion services completed by September 1, 2027.

The attached spreadsheet details current asset allocations by contract type across three programs: ORP, TBR 403(b), and UT 403(b). Current incumbent vendor TIAA administers approximately $4.32 billion in ORP assets and $776.9 million in 403(b) assets, while Voya administers approximately $540 million in ORP assets and $21.4 million in 403(b) assets. The financial breakdown indicates TIAA's current ORP holdings total $85,554,100.88 in Stable Value and $812,386,314.77 in Traditional accounts across multiple contract types including retirement choice, RA, MDO, and TPA contracts. For the 403(b) plans combined, TIAA manages $109,726,459.67 in TBR assets and $129,080,424.37 in UT assets. Compensation will be provided exclusively through asset-based participant account fees, with respondents required to submit fees as a percentage of assets under administration and place at least 10 percent of annual fees at risk based on performance guarantee standards.