Health Reimbursement Arrangement (HRA) Plan currently called County of Sacramento Retiree Health Savings Plan (RHSP). Record-keeper RFP
Closed State & local contract opportunity
- Solicitation number
- HRA_RHSP05022022
- State
- California
- Responses due
Opportunity facts
- Jurisdictions
- NIGP codes
- UNSPSC codes
- 78100000 Mail and cargo transport
- 84121700 Investment advice
- 64102001 Education savings account
- 64102007 Basic investment account
- 84101702 Debt reorganization
- 84121702 Investment policy
- 70100000 Fisheries and aquaculture
- 70120000 Livestock services
- 70160000 Wildlife and flora
- 85150000 Food and nutrition services
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- 64102004 Individual retirement account IRA, personal
- 64102005 Individual retirement account IRA, public sector
- 84101701 Debt negotiation
- 84121701 Investment advisers
- 84121703 Investment analysis
- 84121704 Investment agreements
- 84130000 Insurance and retirement services
- 70140000 Crop production and management and protection
- 80100000 Management advisory services
- 81140000 Manufacturing technologies
- 64102000 Investment accounts
- 64102002 Health savings account
- 64102006 Simplified employee pension SEP account
- 64102008 Managed investment account
- 84101703 Debt servicing
- 84000000 Financial and Insurance Services
- 84100000 Development finance
- 80161510 Serious accident prevention and management services
- 64102003 Individual retirement account IRA, corporate
- 84121705 Market data
- 93141902 Rural investment services
- Point of contact
-
- Donna Bonnel bonneld@saccounty.gov (916) 874-4695
Opportunity details come from procurement.opengov.com. Updated .
About this opportunity
The County of Sacramento is seeking a new recordkeeper for its Health Reimbursement Arrangement (HRA) Plan, currently known as the Retiree Health Savings Plan (RHSP), through a competitive Request for Proposal (RFP) released on May 2, 2022. The procurement targets a comprehensive service provider to manage recordkeeping, administration, claims processing, electronic participant enrollment, participant education, custodial trustee services, and regulatory support for a plan covering approximately 12,000 active employees and 12,000 retirees. The plan, which has been contributing $25 per paycheck since 2007, aims to provide employees with a tax-free retirement health savings program featuring a diverse range of investment options. Key objectives include establishing a participant-directed plan for retirement health savings, offering broad investment choices that accommodate different financial objectives and risk tolerances, and maintaining a prudently managed investment strategy. The RFP proposals are due by May 27, 2022, with potential interviews for finalist vendors scheduled for June 20, 2022, and a contract award date to be determined. The selected vendor must provide a robust digital experience, competitive fees, and effective participant education and engagement, with the contract term expected to be five years beginning after the current contract expires on December 31, 2022.
The RFP does not explicitly outline specific set-aside designations or restrictions for disadvantaged enterprises. The incumbent vendor is MissionSquare Retirement (formerly ICMA-RC), which has administered the RHSP since its inception in 2007, with Meritain Health serving as the third-party claims administrator. The existing investment infrastructure includes a fund lineup comprising money market, stable value, bond, equity, and target-date funds from providers like Vanguard, Fidelity, and JPMorgan, with Northwest Capital Management serving as the investment consultant. While specific budget ranges are not explicitly stated, the plan currently manages contributions and investments for 24,000 total participants across various employee groups, with six unions having voluntarily suspended contributions. The selected recordkeeper must be prepared to integrate with the existing custodial trust, maintain the current investment policy, and provide comprehensive reporting and administrative services that align with the County's fiduciary responsibilities and participant needs.
Opportunity text
The County of Sacramento is a public agency with approximately 12,000 active employees as well as 12,000 retirees providing a variety of services including public safety, public health, community and municipal services, and administrative support that serve a diverse and vibrant County populace.
Since 2007, the County has been contributing $25 per paycheck into a participant directed Health Reimbursement Arrangement (HRA) Plan currently called County of Sacramento Retiree Health Savings Plan (RHSP). This Plan is designed to provide financial assistance with retiree medical costs. The program is available to most employee groups; however, 6 unions have voluntarily suspended contributions. Employees in those representative groups will have legacy balances for transfer.
The goal of the Plan is to provide all employees with a comprehensive, prudently managed, tax-free retirement health savings program. The Plan objectives are the following:
• Established for the exclusive benefit of the employee participants and their beneficiaries.
• Vehicle through which employees may accumulate assets to provide for a portion of their retirement health savings needs.
• Provide a broad range of investment options recognizing the differing financial objectives, risk and return tolerance, and diverse demographics of participants.
• Provide suitable investment options, considering that participants each have different investment horizons and standards of acceptable risk and returns.
• Provide investment options at a reasonable cost and control overall investment related service costs.
• Establish investment objectives and standards for the investment options offered to assure that the assets are managed in accordance with the investment policy.
• Meet the fiduciary responsibility of the Retirement Health Savings Plan.
The County would like to continue to offer the existing fund line up, which is provided as Exhibit C.
The County's current recordkeeper, MissionSquare Retirement (formerly ICMA-RC), has administered the RHSP since inception in 2007, providing recordkeeping, participant education, and enrollment services, hosting both the participant and plan sponsor websites as well as managing the custodial trust.
The third-party claims administrator is Meritain Health.
Current Investment Line Up is provided as Exhibit C the current Investment Policy is provided as Exhibit D.
Northwest Capital Management, Inc. (NWCM) is the investment consultant to the Plan Administrator and Plan support staff.
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