Plan Providers for 403(b) and 457(b) Plans

Suffolk Public Schools is requesting proposals for 403(b) and 457(b) plan administration services, with proposals due June 29, 2026. An addendum (Addendum 1) was posted on June 15, 2026 and must be acknowledged and incorporated into all submissions.

The scope encompasses comprehensive administration of tax-deferred annuity (403(b)) and deferred compensation (457(b)) plans for school employees. Vendors must demonstrate experience administering both plan types for educational institutions or public sector employers of comparable size and complexity. The selected provider(s) will be responsible for participant communications, compliance reporting, regulatory adherence under Internal Revenue Code sections governing both plan types, and customer service delivery. Vendors must maintain current knowledge of regulatory changes affecting plan operations and participant accounts.

Evaluation criteria include vendor qualifications, service offerings, fee structures, ability to meet operational requirements, competitive pricing, transparent fee schedules, participant communication capabilities, compliance reporting systems, and regulatory adherence. Incumbent providers may be considered if they submit competitive proposals meeting all RFP requirements.

The contract contemplates multi-year terms with renewal options negotiated between Suffolk Public Schools and the selected provider(s). Place of performance is Suffolk Public Schools in Williamsburg City, Virginia.