403(b) Record Keeper RFP

Collin College is seeking proposals for a sole recordkeeper and administrative services provider for its voluntary 403(b) retirement savings plan, the Collin Invests Enhanced Retirement Savings Plan. The RFP was issued on November 22, 2024, with candidate questions accepted until December 11, 2024, and proposal submissions due by December 18, 2024 at 12:00 pm. Finalist presentations are tentatively scheduled for January 13-17, 2025, with anticipated contract approval on February 26, 2025, and a planned implementation in the second half of 2025. The selected recordkeeper will be responsible for comprehensive plan services including participant education, reporting, data management, cybersecurity, plan administration, and investment tracking. Evaluation criteria will consider pricing (29.4%), references (17.6%), meeting district needs (17.6%), quality (17.6%), vendor history (5.9%), and Texas vendor status (5.9%). Minimum qualifications include having a published SOC-1 Report through December 31, 2023, and a minimum of 10 higher education clients.

The RFP does not explicitly mention set-aside designations or restrictions for disadvantaged enterprises. The current incumbent recordkeeper is Corebridge, and the plan currently supports 1,398 total retirement plan accounts with total assets of $44,973,807 as of September 30, 2024. The plan offers a 100% match on the first 4% of employee contributions for full-time faculty and staff, with eligibility for all non-student employees working more than 20 hours per week. Annual contributions have ranged between $6.9 million and $7.6 million in recent years, with total distributions increasing from $871,224 in 2022 to $2,825,334 in 2024. The plan supports both pre-tax and Roth deferral types and currently includes 47 different investment options across various asset classes, primarily composed of Vanguard index funds, target-date retirement funds, and a mix of equity and fixed-income investments. The plan will require integration with existing state-sponsored retirement options like the Teacher Retirement System (TRS) and Optional Retirement Program (ORP).