Defined Contribution Plan Provider

Added: February 7, 2008 The Office of the Comptroller of the Currency (OCC) seeks the services of an experienced and qualified contractor to provide a defined contribution plan offering 401(k), Roth 401(k), and after tax savings account. The existing OCC defined contribution plan is managed by Prudential Financial, Inc. Services under the current contract expire December 31, 2008. Any conversion to a new service provider would be required to be completed by 1/1/2009, based on a target award date of 7/31/2008. Currently, 3008 active OCC employees are eligible to contribute to the plan, with 2669 actively contributing to regular deferral, catch-up and Roth accounts. The cumulative OCC employee balance for the fund is in excess of $124M. Effective 1/20/2008, the OCC implemented an automatic enrollment for all new hires. With the new automatic enrollment feature, it is anticipated that active employee enrollment will increase to 2800, within a year. The OCC anticipates implementing an after tax feature in 2009. Minimum requirements for services under the proposed contract include the following:

Defined Contribution, automatic enrollment, and 401(k), Roth 401(k), and after tax accounts:

*A full range of defined contribution services to companies on a national scale.

* Current portfolio has no less than 20 plans with a minimum of $250 million in assets.



Client Services:

*Cumulative plans providing asset record keeping services greater than $20 billion.

*Investment and participant education (briefings, webinars, written materials, seminars, one-on-one sessions, etc.)

*Operation of a fully integrated recordkeeping platform for clients.

*Fully dedicated conversion team led by a dedicated manager to manage the transition to a new provider.

*Fully dedicated communications team led by a dedicated manager as part of a communications package that would include employee education meetings that are conducted by salaried employees of the firm.

*Investment advice provided to plan participants.

*Development, implementation, and operation of an interactive employee website that allows client employees to perform transactions, view account information, and obtain fund information.

*Development, implementation, and operation of an interactive plan sponsor website that includes, at a minimum, the ability to run ad hoc reports, real time access to participant data, and on-line administrative manual.

*Development, implementation, and operation of a paperless participant transactions system for employee enrollments, distributions, fund exchanges, contribution rate changes, and loans.

*Outsourcing of administrative functions including, but not limited to, determination of eligibility; automatic enrollment, and designation of beneficiaries

*Operation of a dedicated compliance department that regularly interacts with the plan service team on legislative issues.



Past Performance:

*Ten (10) years of experience in the defined contribution marketplace.

*Client retention average of at least 5 years for plans of the same complexity and size as the OCC employee savings plan.

*Experience in the administration of plans with the Roth 401(k) provision.

*Experience in the administration of plans with automatic enrollment feature

*Experience in the administration of plans with the after tax feature



The OCC intends to award an indefinite-delivery, indefinite-quantity (IDIQ) contract. Although the service provider may offer a fixed rate (per participant, per account, per task, or percentage of assets held), the number of participants, accounts, tasks, and amount of assets will fluctuate. The proposed contract will include a transition period, if required, a base year, and four one-year options, which will be included in the evaluation for award. The acquisition will be conducted on the basis of full-and-open competition for commercial services pursuant to FAR Parts 12 and 15. The Request for Proposal (RFP) will be released on or about 2/15/2008. The RFP and accompanying documents will be available for download at this site. Offerors must be registered in the Central Contractor Registration (www.ccr.gov) to be eligible for award. Questions regarding this requirement shall be sent via email to marguerite.brown@occ.treas.gov.