457(b) deferred compensation plan record keeper

The Wyoming Department of Administration and Information, General Services Division, Procurement Section is requesting proposals for record keeping services for the Wyoming Retirement System's 457(b) deferred compensation plan, with proposals due August 11, 2026 at 2:00 p.m. Mountain Time through the Public Purchase online bidding system. Written questions are due July 24, 2026. No set-asides or local-vendor preferences apply.

The scope encompasses comprehensive recordkeeping, custodial, administrative, communication, compliance, and investment management services for a plan currently serving approximately 250 active employers across two sub-plans (Plan 01 for State Government Employers and Plan 02 for Non-State Employers) with 31,102 participants and $1.27 billion in total assets as of December 31, 2025. The recordkeeper must support auto-enrollment and self-directed brokerage accounts, manage white-label multi-manager investment menus including target-date funds, process approximately 2,157 new enrollments, 684 rollover distributions, and 2,781 required minimum distributions annually, and maintain disaster recovery capability restoring system functionality within 48 hours. Cloud infrastructure must be physically located in the United States or its territories. Deemed IRA features, previously IRS-approved, may be implemented during the contract term. WRS anticipates consolidating the two sub-plans into a single plan within one year and intends to adopt Secure 2.0 provisions.

Proposers must obtain annual third-party audits (SSAE 18/SOC 1 and SOC 2), maintain cyber liability insurance with minimum limits of $2 million per occurrence and aggregate, secure commercial crime coverage of $1 million, and provide one year of credit monitoring to participants upon any data breach. Proposers must rebate all revenue sharing, float income, and administrative fee payments directly to participants on at least a quarterly basis. Fees must be structured as asset-based or per-participant arrangements billed quarterly in arrears. The initial contract term extends up to nine years with possible two-year extensions by mutual agreement. Work commencement is tentatively scheduled for May 1, 2027. Oral presentations are anticipated in September 2026, with tentative award in October 2026. The incumbent provider, Empower, is invited to submit a response. WRS reserves the right to assess monetary penalties of 4% of monthly compensation for failure to meet performance standards for two consecutive quarters. Proposers must submit technical and cost proposals as separate, clearly identified documents in PDF, Excel, or Microsoft Office format.