Retirement Plan Administration

The City of New Smyrna Beach is seeking a qualified contractor to provide comprehensive Retirement Plan Administration services for its defined contribution retirement plans, specifically the 457(b) Deferred Compensation and 401(a) Governmental Money Purchase plans. The solicitation, released on June 2, 2025, with responses due by July 2, 2025, aims to select a single recordkeeper to manage administrative services for the city's approximately 350 employees. Key deliverables include accurate recordkeeping, regulatory compliance, participant education, and responsive service tailored to public-sector employees. The evaluation will be conducted on a 100-point scale, with 30 points allocated to project approach and management, 30 points to pricing, 20 points to experience and qualifications, and 20 points to references. Proposers must meet minimum qualifications, including at least ten years of experience providing recordkeeping services to governmental deferred compensation plans, managing a minimum of 200 457 plans, and supporting at least one million participants in defined contribution retirement plans. The resulting contract will have an initial term of five years, with the potential for additional services related to state, federal, or programmatic grants.

There are no specific set-aside designations or restrictions on respondents mentioned in the procurement documents. The city is currently working with SageView Advisory Group as its Retirement Plan Investment Advisor to assist with the solicitation process and oversight. The current retirement plan infrastructure involves three existing plans: a Nationwide 457(b) plan with $3,034,804 in assets, a MissionSquare 457(b) plan with $7,146,513 in assets, and a MissionSquare 401(a) plan with $8,708,841 in assets, totaling approximately $19 million across the three plans. The city requires an open architecture investment platform and offers an employer match of up to 2% for the 457(b) plan and a non-elective 8% contribution for the 401(a) plan for general full-time employees. While no specific budget range is explicitly stated, the current plan assets and complexity suggest a significant administrative services contract. Proposers will be expected to execute an agreement, provide required insurance certificates, and be familiar with all terms, with no exceptions allowed to the scope of services or agreement terms.