403(b) Employee Education Services

The Agency for Community Transit, Inc. (ACT) is soliciting a Request for Qualifications (RFQ) for 403(b) Employee Education Services in Lasalle County, Illinois. The procurement seeks qualified registered broker-dealer and investment advisor firms to provide comprehensive education and investment advice/assistance to 403(b) plan participants in compliance with current ERISA laws. The contract will have a base term of three years from January 1, 2026, to December 31, 2028, with two additional one-year options available. Evaluation will be conducted on a Lowest Price Technically Acceptable (LPTA) basis, with a pass/fail technical evaluation. Key deliverables include conducting one-on-one participant investment consultations, annual education/plan update meetings, participating in Investment Committee Plan Review meetings, and assisting with plan provider/platform selection. Critical dates include a solicitation issue date of October 13, 2025, a bid deadline of October 29, 2025 at 2:00 PM CT, and an anticipated contract award on November 14, 2025. The deadline for questions and variance requests is October 20, 2025.

The solicitation establishes a 0% Disadvantaged Business Enterprise (DBE) goal and prohibits subcontracting, requiring all services to be performed by qualified personnel subject to owner approval. Bidders must be registered to conduct investment adviser services in Illinois and provide comprehensive technical responses covering project methodology, firm qualifications, personnel details, and proposed fee structures. The contract has a total compensation not-to-exceed amount of $250,000, with the owner's 403(b) plan having an approximate balance of $20,000,000 as of June 30, 2025. Extensive insurance requirements include comprehensive general liability ($1M per occurrence), automobile liability ($1M), workers compensation, professional liability, and cyber liability insurance (up to $2M-$5M). The successful vendor will be restricted from providing overlapping services with other contracted vendors to ensure transparency and avoid conflicts of interest. The contract award is subject to approval by ACT's Board of Directors and attorney review, with the intent to select a responsive and responsible bidder offering the lowest total evaluated price.