Deferred Compensation Consultant

Washington County, Oregon is seeking a Deferred Compensation Consultant through a Request for Proposal (RFP No. 2025.078-RFP) to provide comprehensive consulting services for their voluntary 457(b) and 401(a) retirement plans. The selected Registered Investment Advisor will act as a co-fiduciary, overseeing compliance and fiduciary duties for the County's retirement savings program. Key responsibilities include assisting with plan provider relationships, conducting periodic reviews of investment options, providing ongoing compliance support, and delivering educational resources to the internal committee. The current plan encompasses total assets of $222,076,600, with VOYA serving as the existing service provider. The RFP evaluation will score proposals across eight criteria, including understanding of County needs, cost/fees, performance methodology, compliance support, communication, and staff experience. Proposers must be Registered Investment Advisors with SEC-licensed individuals and a minimum of 10 years of experience in deferred compensation program consulting. Critical dates include a deadline for questions on October 1, 2025, with proposal submissions due by 5:00 pm on October 10, 2025, and an anticipated contractor selection date of October 31, 2025 for a five-year contract period.

The RFP does not specify specific set-aside designations or restrictions for disadvantaged enterprises. The current service provider is VOYA, which offers both pre-tax and Roth deferral options for the retirement savings plans. While specific budget ranges are not explicitly detailed, the current plan assets of $222,076,600 suggest a significant financial scope for the consulting engagement. The contract requires the selected consultant to acknowledge a fiduciary obligation as an investment advisor to the 457(b) and 401(a) plans, with a focus on comprehensive oversight and support. Insurance requirements are extensive, as outlined in the attached 2022 Insurance Requirements Summary Form, which mandates various coverage types including Commercial General Liability, Automobile Liability, Professional Liability, and Workers' Compensation, with specific coverage limits and additional stipulations. The successful proposer will need to provide certificates of insurance and meet the county's comprehensive insurance and operational standards.