25-0318-RFP Deferred Compensation Plan Consultant

Pinellas County Board of County Commissioners (PCBOCC) is soliciting proposals for a Deferred Compensation Plan Consultant through RFP #25-0318-RFP to provide financial investment consulting services for the County's 457(b) Deferred Compensation and Health Savings Account investment plans. The selected consultant will act as an independent reviewer of the plan's recordkeeping, administration, and investments, with responsibilities including creating and maintaining an investment policy consistent with industry best practices, advising on investment options, and providing objective fiduciary guidance. The current plan involves four providers: Corebridge Financial, Empower Retirement, Missionsquare, and Nationwide, with combined assets of $208,475,213 as of 12/31/24, and an Optum Bank Health Savings Account with 344 enrolled employees. Qualified consultants must be registered investment consultants with at least five years of experience in public sector defined contribution plans, operating on a fee-based model. The proposal submission deadline is April 10, 2025 at 3:00 pm, with preliminary questions due by March 26, 2025. The initial contract term will be effective July 1, 2026, with a five-year duration and an option to extend for two additional twelve-month renewal terms upon mutual agreement.

The solicitation includes several mandatory compliance documents, including a Common Carrier Attestation, Foreign Countries of Concern Affidavit, and Human Trafficking Affidavit, which impose restrictions on potential bidders. Contractors must certify they are not owned or controlled by countries including China, Russia, Iran, North Korea, Cuba, Venezuela, and Syria, and must attest to not transporting unauthorized aliens or engaging in coercive labor practices. The pricing proposal indicates a preference for a flat fee approach, with one vendor (Gallagher Benefit Services Inc.) proposing a $0 fee across all contract years. The Health Savings Account currently has approximately $818,250 in contributions. The county strongly prefers consultants who can provide comprehensive services without accepting commissions from other firms and who can potentially serve in a 3(21) or 3(38) investment advisory capacity. While specific budget ranges are not explicitly detailed, the comprehensive nature of the services and the current plan's asset value suggest a significant potential contract opportunity for qualified investment consultants.