Consulting Services for 457 Deferred Compensation Plan Services

The City of Pasadena is seeking consulting services for its 457 Deferred Compensation Plan through a comprehensive Request for Proposal (RFP) process. The primary objective is to contract with a qualified firm to provide administrative, advisory, and performance optimization services for the city's deferred compensation program. The city prefers consultants with professional designations such as Chartered Financial Analyst (CFA) or Chartered Retirement Plan Specialist (CRPR), and is looking for a comprehensive solution to manage its plan, which currently has approximately 2,768 participants and $350 million in assets. The evaluation will be based on a detailed scoring system across seven criteria, including project understanding, approach, staffing, experience, cost-effectiveness, and local business preferences. Proposals are due on September 22, 2023, with a planned contract term of five years. The city will require detailed technical and price proposals, with a total page limit of 100 pages, and will evaluate firms based on their experience working with 25 or more municipal agencies, key personnel qualifications, and ability to provide value-added services.

The RFP does not explicitly indicate specific set-aside designations for disadvantaged enterprises, though the documentation includes forms related to workforce diversity and equal employment opportunity provisions. The city will require successful bidders to complete various disclosure forms, including conflict of interest documents, non-collusion declarations, and taxpayer protection amendment disclosures. While no incumbent vendor is mentioned, the city has prepared a master services contract template that provides a framework for engagement. The proposal seeks a lump-sum annual price for services, though specific budget ranges are not detailed in the provided documentation. Potential bidders must obtain a Unique Entity Identifier (UEI) from SAM.gov and comply with various administrative requirements, including providing comprehensive information about their organizational structure, workforce composition, and technical capabilities. The Deferred Compensation Committee will oversee the plan and participate in the vendor selection process, with the city reserving the right to reject any proposals that do not meet its comprehensive evaluation criteria.