457(b) Deferred Compensation Plan, Recordkeeping and Administration

The City of Lubbock, Texas is seeking a vendor to provide recordkeeping, administrative, education, and compliance services for a consolidated 457(b) Deferred Compensation Plan through Request for Proposals (RFP) 26-19659-KM. The bundled service structure will consolidate three currently separate 457(b) plans (managed by MissionSquare, Voya, and Corebridge) representing $38.2 million in total plan assets across 1,102 participant accounts as of December 31, 2025, operating in conjunction with an independent provider of plan consulting and investment fiduciary services. Proposers must meet minimum qualifications including at least five years' experience administering governmental 457(b) deferred compensation plans, current administration of at least $1 billion in retirement plan assets, and the ability to provide fee-levelized platforms with full fee transparency and revenue sharing disclosure. The evaluation will allocate 40 points to quality and experience, 30 points to investment platform capabilities (including stable value options and managed account services), and 30 points to cost, with pricing guaranteed for 180 days from proposal submission and structured as a fixed revenue requirement covering all termination fees and market value adjustments. A pre-proposal conference is scheduled for May 26, 2026, at 10:00 A.M. via Zoom, with sealed proposals due by June 11, 2026, at 3:00 P.M. through the Bonfire portal; the contract term is one year with four optional one-year renewal extensions, commencing upon formal approval with a target implementation deadline of September 2026.

The RFP does not specify set-asides or restrictions based on disadvantaged enterprise designations, though proposers must submit a Non-Collusion Affidavit, Conflict of Interest Questionnaire, Business Questionnaire, Vendor Acknowledgement Form, Insurance Affidavit, Contact Person Form, and three professional references from comparable customers (excluding the City of Lubbock itself). The current incumbent vendors are MissionSquare, Voya, and Corebridge, whose three separate platforms will be consolidated into a single provider system; the successful contractor must integrate with existing plan assets and participant data from these three providers. Contractors must maintain comprehensive insurance coverage including $1 million commercial general liability, automobile liability, workers' compensation, professional liability with $1 million/$2 million aggregate limits, and $2 million cyber liability, with valid certificates and endorsements due within ten business days of contract award. The solicitation does not explicitly state an award value or budget range; however, the contract addresses administration of $38.2 million in existing plan assets with fixed revenue requirement pricing structure, suggesting costs will be based on negotiated service fees rather than a pre-determined budget allocation.