Deferred Compensation

Solicitation # 26011
Posted 9/18/25, 1:55 PM
No Updates
Due 10/8/25, 11:00 AM
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Charles County Commissioners are seeking proposals for comprehensive recordkeeping, administration, and communication services for their 457(b) deferred compensation plan through RFP #26-011. The procurement targets qualified firms capable of managing a retirement plan covering 1,606 full-time and 703 part-time eligible employees with current plan assets of $92,240,421. Key vendor requirements include an open architecture investment platform, demonstrated experience with at least 1 million participants on the proposed recordkeeping platform, non-commission-based representative compensation, on-site support capabilities, and a formal cybersecurity guarantee. Evaluation criteria will assess vendors' technological capabilities, participant services, investment platforms, communication strategies, and comprehensive support mechanisms. The RFP was released on August 22, 2025, with proposals due by October 8, 2025, at 11:00 am, and seeks a contract term beginning upon execution and ending June 30, 2030, with optional three one-year renewal periods. Vendors must provide detailed documentation including organizational information, references, system capabilities, implementation plans, and comprehensive fee structures.

The solicitation does not explicitly indicate specific set-aside designations or restrictions for disadvantaged enterprises. Current plan providers include Nationwide, Empower, and Brighthouse, suggesting the county is open to both incumbent and new vendors. The average monthly gross payroll is $151,042,970, and the county requires monthly on-site support at 8 different locations. Vendors must address transition costs, including absorbing outstanding surrender charges and market value adjustments from current providers. While specific budget ranges are not definitively stated, the RFP requires vendors to provide financial disclosures and fee structures for scenarios with and without proprietary capital preservation options. The county seeks a platform supporting fee levelization, ability to reimburse participants for surrender charges when transferring assets, and strict prohibitions on using participant data for soliciting additional financial services. Proposals must demonstrate comprehensive capabilities in participant education, managed account services, data security, and privacy protections.

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