County of San Mateo, Defined Contribution Plan Audit Services
Closed State & local contract opportunity
- Solicitation number
- 2026-RFP-00350
- State
- California
- Responses due
Opportunity facts
- Jurisdictions
- NIGP codes
- UNSPSC codes
- Point of contact
-
- Jay Castellano jcastellano@smcgov.org (408) 757-8073
Opportunity details come from procurement.opengov.com. Updated .
About this opportunity
County of San Mateo is requesting proposals for defined contribution plan audit services with proposals due July 2, 2026. The scope covers comprehensive financial, compliance, and operational audits of five DC retirement plans holding approximately $998 million in assets and serving 16,373 participants.
The audit engagement includes financial reporting and statement verification; participant data, enrollment, and eligibility testing; contribution and payroll review with remittance verification; internal controls evaluation over contributions, distributions, and recordkeeper oversight; distribution and loan testing for authorization and plan-document compliance; participant investment valuation and allocation analysis; administrative expense verification; regulatory and plan-document compliance assessment; and documentation review including plan amendments and committee meeting minutes. The plans audited are the 457 Voluntary Plan ($946 million, 9,762 participants), 401(a) Mandatory Plan ($22 million, 1,245 participants), 457 OBRA Plan ($17 million, 3,098 participants), 401(a) OBRA Plan closed ($8 million, 2,219 participants), and 401(a) Money Purchase Plan ($5 million, 49 participants).
The County has posted two draft contract templates — one for agreements exceeding $200,000 and one for agreements under $200,000 — indicating that contract value has not been finalized. Both templates require the contractor to maintain professional liability insurance of $1 million with the County named as additional insured, comply with federal and state regulations including HIPAA where applicable and the County's Living Wage Ordinance, and retain all work products as County property. Payment is contingent upon satisfactory work completion as determined by the County. Records must be retained for three years following final payment and are subject to County, federal, and state audit.
Opportunity text
The County sponsors a voluntary defined contribution (DC) retirement program alongside its mandatory defined benefit (DB) retirement plan. The DB assets total almost $1 billion as of 12/31/2025 and consists of five plans:
- §457 Voluntary Plan, $946 million
- §401a Mandatory Plan, $22 million
- §457 OBRA Plan, $17 million
- §401a OBRA Plan (closed), $8 million
- §401a Money Purchase Plan, $5 million
- TOTAL, $998 million
The number of participants in each plan are as follows. Note that some participants are eligible and are participating in multiple plans.
- §457 Voluntary Plan, 9,762
- §401a Mandatory Plan, 1,245
- §457 OBRA Plan, 3,098
- §401a OBRA Plan (closed), 2,219
- §401a Money Purchase Plan, 49
- TOTAL, 16,373
The intended scope of the DC plan audits includes the following:
- Financial Reporting & Statement Audit: Verification of the plan's financial accuracy, including the statement of net assets available for benefits and changes in net assets.
- Participant Data & Eligibility Testing: Review of participant data such as enrollment, birth dates, and hire dates for eligibility compliance.
- Contribution and Payroll Review: Verification that employee and employer contributions are accurately calculated, correctly allocated, and deposited in a timely manner (payroll remittance testing).
- Internal Controls Review: Evaluate internal controls over contributions, distributions, payroll remittances, recordkeeper oversight, etc.
- Distribution and Loan Testing: Review of participant loans and distributions for proper authorization and compliance with plan documents.
- Participant Investment Review: Analysis of investment valuation and allocation.
- Administrative Expense Check: Verification of the legitimacy of expenses paid by the plan.
- Compliance with Plan Document & Regulations: Checking that the plan is operating according to its written document and regulatory requirements.
- Documentation Review: Reviewing signed plan documents, amendments, committee meeting minutes, and summary plan descriptions.
Files
| File | Type | Posted |
|---|---|---|
| County_of_San_Mateo,_Defined_Contribution_Plan_Audit_Services.pdf | ||
| Standard_Contract_Template_-_Over_$200K_DRAFT.docx | DOCX document | |
| Standard_Contract_Template_-_Under_$200K_DRAFT.docx | DOCX document |
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