27-0092-RFP Deferred Compensation Plan Recordkeeping and Administration Services

Pinellas County, Florida is soliciting proposals under 27-0092-RFP for deferred compensation plan recordkeeping and administration, with a non-mandatory pre-conference on November 17, 2026 at 1:30 p.m. via Microsoft Teams and proposals due December 3, 2026 at 3:00 p.m. EST. The County will award a single provider to consolidate its 457(b) plan, currently served by Empower, Corebridge, Nationwide, and MissionSquare, and bidders must submit notarized Florida compliance affidavits covering foreign-country-of-concern ownership, human trafficking, and common carrier attestations, plus a DEI training prohibition certification.

The plan serves over 1,000 participants with approximately $216 million in assets. Proposers may submit under one of two scenarios: a proprietary capital preservation fund with open-architecture investment options, or fully open architecture. The awardee must support bi-weekly payroll processing through Workday and handle unforeseen emergency withdrawals, domestic relations orders, and death benefit claims. Approximately $65 million is subject to liquidity restrictions across the four current providers, requiring staged transfers over designated periods. Administrative and recordkeeping costs must be revenue-neutral or revenue-equalized on a pro-rata or per-capita basis, with any investment revenue sharing credited back to participants, and pricing must be a fixed asset charge. Minimum qualifications require affirmative answers to vendor questionnaire items 28 through 54 to advance to Phase 2.

The initial term is 120 months from award, with two optional 12-month renewals. The source does not state a contract value. Phase 1 evaluation weights overall cost, professional qualifications and company stability, prior experience and references, and operational plan at 20% each, with assigned representatives and participant education and communication support at 10% each. The two highest-ranked firms advance to Phase 2 virtual presentations, scored on recordkeeper portal demonstration and reporting, administrative portal experience, plan consolidation and conversion with participant communication, and on-site education support. Phase 1 evaluation is tentatively scheduled for January 11, 2027, with Phase 2 presentations on January 19 and 20, 2027. Submittals remain irrevocable for 180 days after opening.