Consultant Services for Deferred Compensation Plans
Closed State & local contract opportunity Posted
- Solicitation number
- RFQ2025-010
- State
- Texas
- Responses due
Opportunity facts
- Jurisdiction
- NIGP codes
- UNSPSC codes
- 81162307 Human resource management process as a service
- 94131803 Women liberation movements
- 81121503 Econometrics
- 94131800 Movements
- 94131801 Gay or lesbian or bisexual or transgender movements
- 84131610 Flexible spending accounts FSA
- 81121500 Economic analysis
- 80101512 Actuarial consulting services
- 81121502 Micro economic analysis
- 81121504 Economic forecasts
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- 81121505 Economic development consultancy
- 94131805 Ethnic minorities cultural preservation services
- 94131804 Fraternal associations
- 84131700 Pension funds
- 84131800 Retirement funds
- 80101603 Economic or financial evaluation of projects
- 81121501 Macro economic analysis
- 80101511 Human resources consulting service
- 94131802 Anti racism movements
- Point of contact
-
- Melanie Wade melaniew@wacotx.gov (254) 750-8098
Opportunity details come from txsmartbuy.com. Updated .
About this opportunity
The City of Waco, Texas is seeking an independent investment consultant through a Request for Qualifications (RFQ 2025-010) to review and optimize its Deferred Compensation Plans. The procurement is specifically targeting a non-discretionary advisor who will work with the Human Resources and Finance Departments to enhance the city's existing retirement investment strategy. Key objectives include improving investment options, reducing administrative complexities, tailoring plan offerings to employee demographics, and developing a comprehensive plan improvement strategy. The consultant cannot be an existing plan provider and must demonstrate expertise in employee plan education and benefit communication. A pre-submittal meeting is scheduled for April 1, 2025, at 10:00 A.M. Central Time via Zoom, with proposal submissions due by 2:00 P.M. Central Time on April 17, 2025. The selected consultant will enter into an initial one-year contract with potential renewals for four additional one-year periods.
As of January 15, 2025, the city's deferred compensation plans have a total market value of $17,792,626, currently distributed across three providers: MetLife ($4,456,981), MissionSquare ($5,701,288), and Nationwide ($7,634,357). While no specific set-aside designations or disadvantaged enterprise requirements are explicitly mentioned in the provided documents, the RFQ suggests a competitive selection process focused on consultant qualifications and strategic capabilities. The procurement appears open to qualified investment consulting firms with demonstrated expertise in public sector retirement plan optimization. The contract does not specify a precise budget range, but the substantial current plan value of nearly $18 million indicates a potentially significant engagement. The city's primary goal is to improve plan efficiency and employee engagement rather than immediately changing plan providers, suggesting a strategic, long-term approach to retirement plan management.
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