Recordkeeping Services for Defined Contribution and Deferred Compensation Plans

The City of Tallahassee, Florida, located in Leon County, is seeking a recordkeeping services provider for its Defined Contribution and Deferred Compensation Plans through Request for Proposals (RFP-111-25-KM). The procurement aims to select a comprehensive administrative partner for eight different retirement plans, including a Matched Annuity Plan, Supplemental Plans for Police and Firefighters, Deferred Retirement Option Plans, Retirement Savings Voluntary Plans, and 457(b) plans. The successful vendor must provide bundled services encompassing recordkeeping, communication, education, custodial trustee services, and participant investment advisory services with cutting-edge technology capabilities. Minimum qualifications include a minimum of 10 years of experience in defined contribution markets, administration of plans with over $500 million in assets, and ability to provide a stable value fund with specific market-to-book ratio requirements. The proposal is due on October 31, 2025, with a planned contract implementation date of December 31, 2025, and the contract will have a base term of three years with two optional one-year extensions, potentially totaling five years. Current plan assets stand at $877 million across 7,558 active employee accounts and 3,894 terminated employee accounts as of December 31, 2024.

The solicitation includes several local vendor preference provisions that may benefit businesses meeting specific geographic and employment criteria. Vendors must maintain a permanent business location with full-time employees within Leon, Wakulla, Gadsden, or Jefferson County for at least six months prior to submitting the bid, potentially qualifying for up to a 5% preference in the bidding process. Additional requirements include submitting a Drug-Free Workplace Certification, a Responsible Vendor Review Form, and a Conflict of Interest Disclosure. The procurement encourages local businesses, with alternative qualification paths for businesses with no employees (such as being at least 50% owned by local residents) or those with part-time employees. While specific budget ranges are not explicitly detailed, the current plan's $877 million in assets suggests a significant potential contract value. The City will conduct a comprehensive evaluation of vendor submissions, considering factors such as technological capabilities, service quality, investment platform flexibility, and the vendor's ability to streamline administrative tasks for the City's retirement plans.