Fiduciary Services for Deferred Compensation Consulting Services

Seminole County is seeking a consultant to provide Fiduciary Services for Deferred Compensation Consulting Services through a competitive Request for Proposal (RFP-604926-25). The procurement targets a consultant who will evaluate the performance and cost of investment options for the county's Section 457(b) Deferred Compensation Plan, which covers approximately 3,200 eligible employees across the Board of County Commissioners and five constitutional officers. The selected consultant will be responsible for conducting annual performance evaluations, presenting reports to the Deferred Compensation Plan Review Committee, analyzing investment options, and providing general consultation on plan compliance and fiduciary duties. The current plan has 2,368 participants with approximately $142 million in assets, currently managed by Nationwide as the record keeper. The evaluation process will use a points-based scoring method across four criteria: Firm Experience (25 points), Qualifications/Experience of Key Personnel (30 points), Methodology/Approach to Work (25 points), and Fee/Price Proposal (20 points). The RFP was released on March 19, 2025, with questions due by April 7, 2025, and proposal submissions required by April 30, 2025, at 2:00 pm.

The RFP does not specify specific set-aside designations or restrictions on respondent types, suggesting the procurement is open to qualified consulting firms specializing in deferred compensation plan services. The county reserves the right to evaluate current financial statements, compliance ability, and past performance before making an award to the proposal presenting the best value. While the exact contract value is not explicitly stated, the Exhibit C Price Proposal indicates a five-year contract structure with pricing to include an annual flat fee and hourly rates for consulting and staff services. The current plan infrastructure is managed by Nationwide, so the selected consultant will need to work effectively with the existing record keeper and plan management system. The comprehensive plan health reports attached to the RFP indicate significant variations in plan sizes across different county departments, ranging from 12 participants in the Supervisor of Elections office to 1,289 participants in the Board of County Commissioners, with total asset balances ranging from approximately $303,000 to $85.5 million. The county's goal is to select a consultant who can provide strategic insights, improve participant retirement readiness, and optimize the performance of the deferred compensation plan.