403(b) Retirement Plan Consultant Services

The Agency for Community Transit, Inc. (ACT), a not-for-profit corporation in Madison County, Illinois, is soliciting quotes for 403(b) Retirement Plan Consultant Services through a Request for Qualifications (RFQ) with solicitation number 25-2-16001. The procurement seeks a qualified vendor to provide comprehensive investment consulting services, focusing on periodic review of the Plan's Investment Policy Statement to ensure alignment with the organization's risk tolerance and strategic financial objectives. The contract will be awarded on a Lowest Price Technically Acceptable (LPTA) basis, with technical evaluations conducted on a pass/fail determination. Key deliverables include an initial comprehensive investment plan review (with draft documents due January 31, 2026, and final documents by February 28, 2026), quarterly investment management review reports, and quarterly 1-hour meetings with the fiduciary committee. The vendor will function as a Section 3(21) investment manager, responsible for evaluating retirement plan investment options, benchmarking performance, reviewing administrative costs, and recommending investment platform improvements. The solicitation was issued on October 13, 2025, with a bid deadline of October 29, 2025, at 2:00 PM CT, and questions from potential bidders must be submitted by October 20, 2025.

The procurement includes a 0% Disadvantaged Business Enterprise (DBE) goal and requires strict compliance with federal and state provisions. Current incumbent contractors include Cook Street Consulting Inc. for 403(b) retirement plan consulting, OneAmerica Financial Partners for third-party administration and recordkeeping, and Stifel Financial Corporation for employee education services. The contract prohibits subcontracting and requires vendors to maintain comprehensive insurance coverage, including general liability, professional liability, and cyber liability policies with specific minimum limits. 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. While specific budget ranges are not explicitly stated, the current plan's total assets are $19,939,525.51 as of June 30, 2025. Bidders must provide detailed technical responses, including company overview, qualifications, key personnel biographies, and a comprehensive approach to cybersecurity and data protection. The agency reserves the right to reject any offer and select the most advantageous bid based on the specified evaluation criteria.